BRICS Endorses Payments System to Challenge Dollar

BRICS leaders on September 12, 2026 in New Delhi endorsed a 45-page declaration and a payments architecture to route cross-border trade around the US dollar, officials said.

Reaction pending.

New Delhi declaration endorses payments architecture

Officials said the declaration endorses a technical framework for cross-border settlement intended to let members invoice and settle more trade in local currencies. Delegates said Iran pressed hardest for the shift during opening-day discussions, and officials described the adoption as a first formal step rather than an immediate operational change.

If implemented, officials said the architecture is designed to reduce the need for dollar-denominated clearing for intra-BRICS transactions by enabling bilateral and multilateral settlement in partner currencies. Officials cautioned the move faces practical hurdles, including the need for deeper FX liquidity, new correspondent-banking links and interoperability standards among central banks and payment systems.

The adoption is likely to reshape transactional flows only if members agree technical standards and liquidity arrangements, officials said. Market impact will depend on the pace of implementation and on whether major commodity and trade invoices shift away from dollar settlement.

Watch for technical implementation details and a timetable by October 30, 2026, when officials said finance ministers and central bank representatives are expected to meet to discuss next steps.