BRICS abandons the idea of a single currency: Key decisions of the Delhi summit

Following the 18th BRICS summit held at the Bharat Mandapam center in New Delhi, India, a 140-point New Delhi Declaration was adopted.

One of the most sensational topics of the summit—speculation regarding a single bloc currency—was officially put to rest. Sudhakar Dalela, Secretary of the Indian Ministry of External Affairs, confirmed at a briefing in New Delhi that the alliance is not considering the creation of a common single currency.

The primary focus shifted from a single artificial currency to the direct use of each nation's own national currency in mutual trade and investment. To this end, alternative transaction mechanisms are being developed to make international payments faster, cheaper, and more secure.

In his speech, Indian Prime Minister Narendra Modi emphasized that international institutions established in the mid-20th century—the UN, its Security Council, the IMF, and the World Bank—do not reflect modern realities, and he called for comprehensive reforms that take into account the interests of developing nations (the Global South).

The declaration also approved initiatives such as the immediate restoration of the World Trade Organization (WTO) Appellate Body, limiting unilateral sanctions and protectionist tariffs, expanding infrastructure project financing in national currencies through the New Development Bank (BRICS Bank) led by Dilma Rousseff, and launching the 'BRICS Grain Exchange'.

These decisions are of significant importance for Uzbekistan in terms of conducting foreign trade without third-party restrictions, settling accounts directly in national currencies with key partners, and expanding opportunities for alternative logistics corridors.

In 2027, the BRICS presidency will pass to China, and the 19th summit will be held in Beijing.