India slams brakes on talk of BRICS common currency
da Silva and Russian Foreign Minister Sergey Lavrov have voiced support for the idea of a common currency among BRICS nations. Some have spoken of the concept as a potential challenger to the US dollar.
“I am in favor of creating, within the BRICS, a trading currency between our countries, just like the Europeans created the euro," said President Lula during a speech in April. "Serious, self-respecting countries are well aware of what is at stake, see the incompetence of the 'masters' of the current international monetary and financial system, and want to create their own mechanisms to ensure sustainable development, which will be protected from outside dictates," Russian Foreign Minister Sergey Lavrov was quoted as saying by numerous news outlets in January this year.
He went on to talk about the creation of a currency within the framework of BRICS. However, India has been cautious in public on this matter.
External affairs minister S Jaishankar stated that there was no discussion of a BRICS common currency. Kwatra’s comments seem to indicate that the groupings focus will remain on deepening trade in national currencies.
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