BRICS Currency Agreement Nearing: Consensus Grows on New Global Monetary System

The potential for a BRICS currency agreement is gaining momentum, sparking significant global debate. With all eyes on the arrival of a BRICS currency, an agreement is nearing as consensus on the development grows. Specifically, in a recent interview, a former Russian minister indicated that the BRICS currency agreement is nearing consensus among the bloc on the idea. 16 de sept. de 2025

On Wednesday, the BRICS nations formally endorsed the settlement of cross-border payments in local currencies, marking a significant step toward reducing dependency on the US dollar. This move underscores the BRICS economic alliance\'s intent to explore alternatives and potentially challenge the existing global financial order.

Several leading analysts point out that a new international monetary system, potentially called "Unit," is likely to be unveiled as early as the BRICS summit in Kazan in October. Since this has been a topic of intense speculation, the prospect of a unified payment system is drawing considerable attention.

The mechanism will operate on the basis of the BRICS Bridge supranational payment platform. Payments will be conducted in the national currencies of BRICS countries, further diminishing reliance on traditional reserve currencies.

The BRICS economic alliance has sparked intense global debate over the past few months, especially regarding its proposal to create a common currency. Tensions are rising, and BRICS central banks boosting gold reserves is a sign that they are gearing up for a global monetary reset, which could enter a new phase following the unveiling of a unified approach. (Kitco News)

However, the path to a common currency isn\'t without its challenges. Agreement on a single currency similar to the euro requires consensus around member states\' general monetary and fiscal policies. This is a daunting prospect, given the diverse economic landscapes and priorities of the BRICS nations.