BRICS Currency: Is a USD Competitor Launching in 2024/2025?

The buzz around a new BRICS currency is intensifying! The BRICS nations are interested in creating a new currency to compete with the US dollar, and discussions are rapidly progressing. But when can we expect this potential game-changer to launch?

BRICS Currency Announcement: 2025 BRICS Annual Summit?

While rumors of a 2024 announcement circulated, it seems the unveiling may be pushed to 2025. The BRICS alliance has been working to develop its own native currency over the last year, and it is likely to be unveiled at the 2025 BRICS Annual Summit in October. While initially expected earlier, the complexity of the project appears to have shifted the timeline.

Key Developments & Meetings

Ambassador Kwele revealed plans for a meeting between Finance Ministers in May to further discuss this currency initiative. The upcoming BRICS summit, scheduled for October 2025 in, will likely be a pivotal moment for solidifying the currency's structure and implementation.

How Will a New BRICS Currency Affect the US Dollar?

The primary goal of the BRICS currency is to reduce reliance on the US dollar in international trade among member nations. A successful BRICS currency could challenge the dollar's dominance in global finance, potentially impacting exchange rates and trade dynamics. The BRICS Cross-Border Payment Initiative (BCBPI) will use national currencies, instead of the US dollar.

BRICS Currency: Recent Developments & Timeline

Russia's finance ministry and central bank released a statement indicating active collaboration on the BRICS currency project. A new global currency was announced in June 2025 during the St. Petersburg International Economic Forum. Developed by BRICS – the economic power bloc, the implications of this currency will be significant.

Stay tuned for further updates as the BRICS currency initiative progresses!