Finance Ministers and Central Bank Governors (FMCBG) of the BRICS countries on Friday made a pitch for greater use of national currencies for cross-border trade and investment. They also pledged to intensify efforts to reform global financial institutions, expand development finance, strengthen the New Development Bank (NDB), mobilise private capital and improve payment systems amid rising global economic uncertainties.
In the joint statement after the FMCBG meeting in Mumbai on Friday, the grouping acknowledged the efforts of the BRICS Payment Task Force (BPTF) toward exploring pragmatic solutions for efficient cross-border payment mechanisms. “In this regard, we acknowledge the work done to study the cross-border interoperability of payment and messaging channels, and the discussions on promoting trade settlements and investments using BRICS local currencies, while respecting national priorities and acknowledging that there is no one-size-fits-all approach,” it said.
The 11-country grouping called for continued work toward practical cross-border payment solutions that are fast, low-cost, accessible, efficient, transparent and safe. The emphasis on national currencies forms part of a broader effort to improve payment infrastructure and financial cooperation among BRICS members rather than a commitment to a single common currency or uniform payment system.
The ministers and governors acknowledged that the global economy faces significant headwinds from geopolitical tensions, trade fragmentation, protectionism, policy uncertainty, fiscal and inflationary pressures, rising debt and financial vulnerabilities.
The BRICS countries reiterated the need to make the global financial architecture more representative of emerging markets and developing economies (EMDEs). They called for reforms of the Bretton Woods Institutions, including the IMF and World Bank, to improve the voice and representation of developing countries in governance structures. The grouping also backed quota realignment at the IMF to better reflect countries’ relative positions in the global economy.
On development finance, they highlighted the growing role of the NDB as a strategic institution for BRICS and the Global South. It encouraged the NDB to mobilise resources, expand local currency financing, strengthen project-preparation facilities, diversify funding sources and support high-impact projects aimed at inclusive and sustainable growth.
BRICS also welcomed progress on the BRICS Multilateral Guarantees initiative, which it said could help mobilise private capital, improve creditworthiness and reduce financing costs for development projects. The statement also backed strengthening the BRICS Contingent Reserve Arrangement as a more flexible financial safety net during crises.