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No Proposal For BRICS Currency At Summit ‘As Of Now’, Says MEA; Local Currencies
There is no proposal for a common BRICS currency “as of now”, Sudhakar Dalela, Secretary (Economic Relations), said on September 12, clarifying that discussions on using local currencies for bilateral trade are aimed at reducing transaction costs. “Discussions on trade in local currencies have been underway for some time,” Dalela said, adding that India believes the mechanism can help reduce transaction costs in bilateral trade and complement the global payment system.
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