BRICS countries support use of nationals currencies in trade, financial settlements

Malaysian Reserve

30-04-2025

RIO DE JANEIRO — Top diplomats from the BRICS nations supported the use of national currencies in trade and instructed finance ministers and Central Bank governors to elaborate relevant mechanisms, according to the declaration adopted after their meeting in Rio de Janeiro, Russian News Agency (TASS) reported.
'The Ministers underscored the importance of the enhanced use of local currencies in trade and financial settlements between BRICS countries and their trade partners. They recalled the paragraph 66 of the Kazan Declaration tasking the Finance Ministers and Central Bank Governors, as appropriate, to continue consideration of the issue of local currencies, payment instruments and platforms,' the document reads.
'The Ministers emphasised the need for a comprehensive reform of the global financial architecture to enhance the voice of the developing countries and their representation in the international financial institutions,' it says.
'They reaffirmed the call to ensure that the reform of the International Financial Institutions would focus on increasing the scale of finance and enable simplified access to resources, especially to developing and least developed countries,' it says.
They reaffirmed the Group of Twenty's important role as 'the premier forum for international economic cooperation that comprises both emerging and developed economies.'
'The Ministers also acknowledged the importance of strengthening international cooperation in the critical mineral sector, including through downstreaming industrial policy, technology transfer, and sustainable practices, to ensure that these resources contribute to inclusive and equitable development, particularly for source countries,' according to the declaration. — BERNAMA-TASS