Brazilian President Luiz Inacio Lula da Silva advocated for the establishment of a unified financial system among BRICS nations during a closed-door meeting on Oct. 23 at the BRICS leaders’ summit in Kazan. While emphasizing that there is no intention of replacing national currencies, he stressed the need to create “alternative monetary relations” among the group’s member countries.

The Brazilian leader emphasized:

We need to create a financial system. This issue needs to be seriously discussed.

Egyptian President Abdel Fattah el-Sisi also weighed in on the topic, expressing Egypt’s support for transitioning to financial settlements in national currencies within BRICS. He highlighted that Egypt places significant importance on this shift and on joint ventures in various sectors with other BRICS nations.

Recently, Iranian Ambassador Kazem Jalali also called on BRICS nations to form a standalone financial and banking system that operates independently from Western models, which he argues disadvantage countries in the Global South. Speaking in the lead-up to the 16th BRICS Summit, Jalali stressed the importance of BRICS nations developing their own financial infrastructure, providing alternatives to regulations imposed by the West.

Meanwhile, BRICS members are actively discussing the creation of a unified payment system and promoting the use of national currencies in trade. Indian Foreign Secretary Vikram Misri confirmed that substantial discussions have been ongoing, with studies and research already commissioned. Experts highlight that establishing an independent BRICS payment network is essential to strengthen economic cooperation and shield member states from financial instability, underscoring a growing shift toward autonomy from Western financial systems.

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