The idea of a common BRICS currency to replace the US dollar – suggested by BRICS members, including Brazil’s President Lula da Silva – is not to be found on the priority list of Brazil’s chairmanship with the group for 2025 and, according to the Brazilian officials who insisted on anonymity, “has never entered technical discussions.”
However, they are attempting to decrease the dependence on the dollar for global trade – although that is not the main objective – by pushing reforms within the group to ease international payments in BRICS members’ local currencies.
“No one wants to create trouble, but BRICS countries also don’t want to abandon the idea of exploring this possibility,” said one of the sources, adding that “no member countries intend to eliminate their dollar reserves.”
Brazil’s top priorities during its BRICS chairmanship, on the other hand, include “the partnership for social development and the cooperation in the Global South” including in global health, trade and finance, climate change, AI governance, security architecture and institutional development as well as a reform of the multilateral peace.
