---
title: "BRICS Common Currency Debate Explained | Model Diplomat"
description: "The BRICS common currency debate weighs a shared settlement unit versus de-dollarisation in national currencies. See why no single BRICS currency exists yet."
url: "https://modeldiplomat.com/learn/glossary/brics-new-currency-debate"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The BRICS common currency debate concerns proposals for a shared or alternative settlement currency among BRICS states to reduce dependence on the US dollar in trade and reserves.
- Does a single BRICS currency actually exist?
- How does the debate differ from de-dollarisation?
- Why do India and Brazil hesitate to back a common currency?
- What institutions support BRICS financial cooperation?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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At the New Development Bank in Shanghai in April 2023, Brazilian President Lula da Silva asked why developing nations must trade in the US dollar, reigniting the BRICS common currency debate ahead of the 2023 Johannesburg Summit.

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