Brazil’s Finance Ministry has reaffirmed its dedication to expanding the use of national currencies in trade between BRICS nations, according to Secretary Tatiana Rosito. Speaking Monday in an interview with the BRICS Brasil 2025 web portal in Buenos Aires, Rosito indicated that Brazil is prepared to support any initiative that reduces reliance on the U.S. dollar in intra-bloc transactions. She was quoted by Russian news agency Tass as stating:

The trade in local currencies is already underway, for example, between Brazil and China. No obstacles exist to that on the side of Brazil.

The BRICS alliance—which now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates (UAE)—has been moving toward financial strategies that reduce external dependence. One such initiative is the creation of the New Development Bank, which Rosito highlighted as a cornerstone of this shift.

“Opening of this bank reflects the aspiration of BRICS members to proactively participate in transformation of the economic and financial order,” she detailed. The expansion of BRICS and its financial infrastructure underscores a collective ambition to reshape the global trade environment and decrease vulnerability to currency volatility linked to the U.S. dollar.

Acknowledging current limitations, Rosito conceded that dollar dominance persists, particularly within the private sector, due to its widespread acceptance and superior liquidity. She noted that businesses continue to show a strong inclination toward using the U.S. dollar, making the transition to local currencies more complex.

“The desire of businessmen to use the U.S. dollar in trade due to higher liquidity remains a problem for BRICS member countries,” Rosito stressed. Despite this, she emphasized the group’s overarching objective:

Therefore, the goal of BRICS is to expand the use of local currencies in any way that will make it possible to reduce costs and will be of interests for association’s members.

Brazil took over the BRICS chairmanship from Russia on Jan. 1, 2025, and will host the 17th BRICS summit on July 6-7 in Rio de Janeiro. The bloc has been working to reduce dependence on the U.S. dollar, endorsing cross-border payments in local currencies. While there have been talks about a BRICS unified currency to counterbalance the dominance of the U.S. dollar, recent developments indicate that such a project is not currently on the bloc’s agenda. Brazil’s Finance Ministry explicitly stated previously that there are no formal discussions underway to create a common currency among the BRICS nations.

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