India Makes Announcement on BRICS Currency Ahead of 2026 Summit
The 18th BRICS summit is scheduled to be held in India’s capital city, New Delhi, on September 12 and 13, 2026. Prime Minister Narendra Modi will chair the summit, which will be attended by group members and other world leaders. Just when the Global South assumed the bloc could discuss the prospects of building a BRICS currency, India poured cold water on the idea entirely. The Modi government is clear that it will use the US dollar for trade and transactions. It also plans to boost the rupee internationally, and has taken several steps to strengthen the currency.
Also Read: BRICS Summit 2026 Heads for Showdown as Internal Divisions Explode
India Officially Denounces BRICS Currency
Piyush Goyal, India’s Commerce and Industry Minister, has officially denounced the formation of a BRICS currency. The announcement came just a month before the summit, indicating that a discussion on this subject is off the table. The alliance will not hold talks on the formation of a new tender, as India is least interested in the topic. The US dollar will no longer face any obstacles in trade, as the bloc was the only challenger.
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