BRICS New Delhi Declaration backs greater use of local‑currency settlements and faster cross‑border payments
On 12 September 2026 the BRICS New Delhi Declaration urged members to increase use of local currencies in trade and called for fast, low‑cost cross‑border payments under the FMCBG track, signalling policy intent to reduce dollar reliance in intra‑BRICS transactions.
The desk brief
On 12 September 2026 the BRICS New Delhi Declaration urged members to increase use of local currencies in trade and called for fast, low‑cost cross‑border payments under the FMCBG track, signalling policy intent to reduce dollar reliance in intra‑BRICS transactions.
If BRICS members follow up with operational swap lines, payment corridors or invoicing in local currencies, eligible African issuers with strong trade ties to BRICS (notably South Africa) could shift some external funding needs into domestic currency issuance or bilateral funding, easing immediate dollar refinancing pressure. The transmission depends on concrete operational mechanisms, liquidity provision and acceptance by private counterparties.
FMCBG (Finance Ministers and Central Bank Governors) track meetings to outline operational frameworks, swap lines or payment corridor pilots.
Sources & verification
Developing storyFurther independent confirmation is required.
- BRICS New Delhi Declaration: Key takeaways on Pahalgam, West Asia, payments and UN reform - CNBC TV18cnbctv18.comSource published (opens in a new tab)
- BRICS leaders condemn unilateral tariffs, war in New Delhi Declarationtbsnews.netSource published (opens in a new tab)
Public references supporting this brief.