Under Trump’s shadow, Brics takes step towards de-dollarisation

The finance track of the summit focused on developing cross‑border payment infrastructure rather than creating a single BRICS currency, The Hindu reported. India signaled it will not join a shared BRICS currency but will support settlement in national currencies, The Times of India added. BRICS leaders called for urgent reform of the IMF and World Bank, Bloomberg noted, tying financial institution changes to the de‑dollarisation agenda.

Business Insider Africa detailed India’s digital currency project designed to smooth cross‑border transfers for three African BRICS members. The Financial Times highlighted a surge in BRICS payment platforms seeking tighter inter‑linkages, while Reuters recorded finance chiefs urging broader reforms of global development banks. The South China Morning Post framed the initiative as a step taken under the shadow of former U.S.

Despite the momentum, the summit stopped short of agreeing on a unified BRICS currency, a nuance underscored by India’s preference for bilateral settlement tools. The push for IMF and World Bank overhaul signals that broader institutional change is seen as prerequisite to reducing dollar reliance. Observers note that the political backdrop, referenced by the South China Morning Post, adds uncertainty to how quickly the payment reforms will translate into measurable de‑dollarisation.