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BRICS leaders call for using national currencies in international trade — declaration

"We task our Finance Ministers and/or Central Bank Governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to us by the next Summit," the document said

JOHANNESBURG /South Africa/, August 24. /TASS/. Leaders of BRICS nations (Brazil, Russia, India, China, South Africa) call for using national currencies in international trade and financial transactions between member states, according to the Johannesburg II Declaration adopted at the 15th BRICS Summit in South Africa.

"We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners," the document reads.

"We task our Finance Ministers and/or Central Bank Governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to us by the next Summit," the declaration said.

"We recognise the widespread benefits of fast, inexpensive, transparent, safe, and inclusive payment systems. We look forward to the report by the BRICS Payment Task Force (BPTF) on the mapping of the various elements of the G20 Roadmap on Crossborder Payments in BRICS countries. We welcome the sharing of experience by BRICS members on payment infrastructures, including the interlinking of cross-border payment systems. We believe this will further enhance cooperation amongst the BRICS countries and encourage further dialogue on payment instruments to facilitate trade and investment flows between the BRICS members as well as other developing countries," BRICS leaders noted.

They also encouraged "strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies."

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