BRICS Common Currency Still Under Consideration, Says Iran Foreign Minister

The idea of a common BRICS currency remains under consideration, Iranian Foreign Minister Abbas Araghchi said ahead of the BRICS Leaders’ Summit in New Delhi, while stressing that members broadly support increasing the use of their national currencies for trade.

“Inside BRICS, there are different opinions, but all members of the group believe that national currencies should be strengthened and trade between the member states should be conducted through national currencies. But having a single currency is still under consideration,” Araghchi told the media on Friday.

The comments draw a distinction between expanding trade in national currencies and creating a single currency for the 11-member grouping. The latter remains a proposal under discussion and is not an agreed BRICS policy.

BRICS Eyes More Trade In National Currencies

Reducing dependence on the US dollar has featured in wider BRICS discussions on financial cooperation, with members exploring ways to increase the use of their own currencies in bilateral trade.

Araghchi said strengthening national currencies and conducting trade among BRICS members using those currencies remained the immediate focus, while leaving the possibility of a common currency open.

Iran joined BRICS in 2024, as the grouping expanded beyond its original members. India is hosting the BRICS Leaders’ Summit in New Delhi on September 12-13.

Araghchi also praised India’s leadership of the grouping, calling BRICS an important institution and saying New Delhi was capable of leading it “in an excellent way”.

Pezeshkian Meets Modi Ahead Of BRICS Summit

Iranian President Masoud Pezeshkian arrived in New Delhi on Friday for the summit, his first visit to India as president. He also held talks with Prime Minister Narendra Modi, with the West Asia conflict high on the agenda.

Modi urged Pezeshkian to pursue dialogue and diplomacy to resolve the conflict and stressed the importance of safe navigation and the safety of seafarers.

The two leaders also reviewed India-Iran bilateral ties and cooperation in multilateral forums, including BRICS. Modi thanked Iran for maintaining high-level participation in BRICS-related meetings despite the challenging circumstances.

With financial cooperation among the bloc’s priorities, Araghchi’s remarks highlight the gap between BRICS’ push for greater use of national currencies and the longer-term, still-unsettled idea of a common currency.