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● TRACKER Updated 2d ago · 7 sources tracked

Under Trump’s shadow, Brics takes step towards de-dollarisation

BRICS finance chiefs are urging urgent reform of global development financial institutions, including the IMF and World Bank, while pushing steps toward de-dollarisation. Discussions among finance track officials focus on boosting cross-border links for payment systems and advancing local currency trade settlements rather than introducing a single common currency. India has explicitly ruled out a shared BRICS currency proposal while supporting trade settled in local currencies and deploying digital currency plans to ease cross-border payments.

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  • ✓ BRICS finance chiefs have urged urgent reform of global development financial institutions including the IMF and World Bank.
  • ✓ India has ruled out a BRICS currency proposal while backing local currency trade settlements.
🛡️ Source Corroboration: 7 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

BRICS finance officials shifted their de-dollarisation strategy by focusing concrete talks on reforming global institutions and expanding local currency payments rather than creating a shared common currency.

Live updates

  1. Brics Pushes De-Dollarisation Under Trump's Shadow

    BRICS finance chiefs are urging urgent reform of global development financial institutions, including the IMF and World Bank, while pushing steps toward de-dollarisation. Discussions among finance track officials focus on boosting cross-border links for payment systems and advancing local currency trade settlements rather than introducing a single common currency. India has explicitly ruled out a shared BRICS currency proposal while supporting trade settled in local currencies and deploying digital currency plans to ease cross-border payments.

    Why it matters

    The economic bloc is navigating its de-dollarisation strategy carefully as it operates under Trump's shadow. By targeting international financial governance and expanding alternative payment rails, members aim to reduce reliance on Western-dominated financial infrastructure. Divergent national positions, particularly India rejecting a unified currency, show the bloc is prioritizing practical cross-border mechanisms over monetary union.

    What is confirmed

    • BRICS finance chiefs have urged urgent reform of global development financial institutions including the IMF and World Bank.
    • India has ruled out a BRICS currency proposal while backing local currency trade settlements.

    Still unconfirmed

    • India is deploying a specific digital currency plan to ease cross-border payments for Africa's three BRICS economies.

    What to watch next

    • Further announcements from BRICS finance track talks regarding cross-border payment system links.
    • Official responses from the IMF and World Bank regarding institutional reform demands.
    Sources used for this update (7)
    1. South China Morning Post — Under Trump’s shadow, Brics takes step towards de-dollarisation
    2. Reuters — BRICS finance chiefs urge reform of global development financial institutions
    3. Financial Times — Booming Brics payments systems seek more cross-border links
    4. Business Insider Africa — Inside India’s digital currency plan to ease cross-border payments for Africa’s 3 BRICS economies
    5. Bloomberg.com — BRICS Finance Chiefs Call for Urgent IMF, World Bank Reform
    6. The Times of India — India rules out Brics currency proposal, backs local currency trade settlements
    7. The Hindu — BRICS treads carefully on de-dollarisation: Finance track talks payments, not a common currency
    confidence 90%
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