The BRICS nations are increasingly focused on boosting the use of their own national currencies in international trade and finance. This move is driven by a desire to reduce reliance on the US dollar and mitigate the impact of volatile International capital flows. Fluctuations in these flows can significantly affect national markets, leading to dramatic swings in asset values, exchange rates, and stock prices. While the development of a dedicated BRICS currency remains a long-term aspiration, the immediate focus is on strengthening the utilization of existing national currencies within the bloc.
As South Africa’s ambassador, Anil, stated on , a key priority is to foster greater financial autonomy. Several platforms can facilitate this intensified use of BRICS national currencies, including platforms for national and regional development. Top diplomats from the BRICS nations have already signaled their support for the increased use of national currencies in trade. Furthermore, finance ministers and Central Bank governors have been instructed to develop mechanisms to support this transition.
Russia, along with its BRICS partners, has already taken steps to reduce its dependence on the dollar. According to data from September 2025, trade between Russia and its BRICS counterparts increasingly involves national currency settlements, demonstrating a tangible shift away from dollar-denominated transactions. This proactive approach aims to create a more resilient and diversified financial landscape for the BRICS economies.