BRICS currency does not exist, at least not yet. While Lula puts an end to speculation about a common currency, a much deeper transformation is silently taking place. Behind this denial, the large emerging economies are accelerating the overhaul of international trade, gradually bypassing the dollar. Between political discourse and financial realities, a new global monetary architecture is already starting to take shape.
In brief
- Lula puts an end to speculation by saying that no common BRICS currency is currently being considered.
- The Brazilian president defends a pragmatic approach aimed at diversifying trade without suddenly breaking with the dollar.
- Despite this denial, several countries in the bloc are already accelerating the use of local currencies in their trade.
- Major agreements, notably between Russia, China and Brazil, illustrate this transition towards a system less dependent on the dollar.
Lula rejects the idea of a BRICS currency
Luiz Inácio Lula da Silva wanted to put an end to speculation around a common currency for the bloc. In an interview with India Today TV, he asserts unambiguously: “There is no plan to create a BRICS currency. No discussions are underway within the bloc on the possibility of a new currency”. The Brazilian head of state insists on a misunderstanding of the debate.
Here are the main elements to remember from this position:
- The total absence of a common currency project within the BRICS;
- Refusal of a reading “anti-dollar” bloc initiatives;
- The desire to offer more options in bilateral trade;
- A position publicly assumed during an interview and confirmed at the Rio summit.
During the BRICS summit in 2025, Lula clarified the envisaged direction: “the world must find a way so that our trade relations no longer systematically involve the dollar”. It evokes a gradual transition, led by central banks, without brutally calling into question the existing system. The use of local currencies thus appears to be a lever for adjustment rather than a radical change.
Financial infrastructures that already bypass the dollar
Alongside this official discourse, several concrete mechanisms demonstrate an ongoing transformation. Trade between Russia and China illustrates this development. According to Russian Finance Minister Anton Siluanov, 99.1% commercial payments between the two countries are now made in rubles and yuan. For their part, China and Brazil have implemented a similar system since 2023, covering a trade volume estimated at around $100 billion per year.
This BRICS strategy also relies on more structured tools. The president of the New Development Bank, Dilma Rousseff, emphasizes that “Operations in local currencies will remain a top priority to build a more diversified and balanced international financial system”. At the same time, the project “BRICS Unit” takes shape. It is a blockchain-based settlement instrument, backed by 40% gold and 60% a basket of blockchain currencies. Designed as an interbank clearing tool, it aims to bypass the SWIFT network and limit exposure to sanctions.
This development remains framed by significant constraints. Several Indian officials highlight the stabilizing role of the dollar in the global economy, while structural limits persist, particularly in terms of liquidity and convertibility. The dynamic initiated by the BRICS is part of a progressive transformation. The dollar's share of global reserves, which fell from around 70% to 59% in two decades, illustrates this trend. The bloc thus advances through successive adjustments, without an immediate break with the existing monetary order.
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