BRICS Backs Local Trade, Stops Short Of Ditching The Dollar
The New Delhi Declaration orders more study of a common payments system, sets no deadline, and never names a BRICS currency.
- India frames the move as "derisking," not de-dollarizing, keeping the dollar as reserve anchor.
- The BPTF payments task force keeps studying cross-border settlement, with no completion date set.
- The declaration also renews the IMF's 16th quota review and Brazil-India's UN seat push.
Why it matters: Calling the shift "derisking" instead of de-dollarizing is BRICS admitting the dollar exit never left the drafting room.
BRICS New Delhi Declaration (Sept 12, 2026), Prime Minister of India website ↗ · Sep 13, 20269/13/26 · Updated Sep 13