Did India Move BRICS Nations To Trade In Local Currency? No, Claim is Misleading

The MEA stated that 'de-dollarisation' within BRICS was not part of India's financial agenda.

Fact-Check: India stated that it had not made active efforts to reduce its dependency on the USD.

(Source: The Quint) 

y2dcA post stating that India has invited the BRICS+ countries (Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa, United Arab Emirates) to trade in local currency instead of the United States dollar has gone viral on social media.

An archive of the post can be found here. 

(Source: X/Screenshot) 

(Archives of similar claims can be found here and here.)

Is the claim true?: No, the claim is misleading as India has made no such official statement.

• The Ministry of External Affairs (MEA) has categorically stated that 'de-dollarisation' within BRICS was NOT a part of India's financial agenda.

What we found: At first, we looked up latest briefings by India about BRICS but, did not find any official announcements about the trade in local currencies with the forum.

• Reports by the Business Standard and the Times of India from 14 August noted India's stance with regards to this matter.

• MEA Spokesperson Randhir Jaiswal stated, "We have made our position very clear on this issue earlier as well. De-dollarisation is not part of India’s financial agenda." (sic.)

• The Times of India report also quoted External Affairs Minister S Jaishankar who stated that India had not taken steps to decrease its dependence on the US dollar.

• Jaishankar noted that the emphasis was on "derisking" commerce by broadening partnerships, investigating alternative payment methods, and minimising reliance on one currency.

• The statement by the MEA came after Brazilian President Luiz Inacio Lula da Silva proposed that BRICS countries might consider a trade currency in light of increasing tensions with the USA regarding tariffs.

• India Today also reported on this matter on 14 August.

• However, these reports also mentioned that India has signed deals with nations like Russia, the UAE, and the Maldives to conduct trade in local currencies, reducing risks associated with currency conversion and exchange rates.

• There are no credible reports or press releases by the Indian government or other BRICS countries in this matter which definitely prove that the forum will trade in local currencies.

Conclusion: The claim is misleading that India has moved to trade in local currencies within the BRICS instead of the US dollar.

(Not convinced of a post or information you came across online and want it verified? Send us the details on WhatsApp at 9540511818 , or e-mail it to us at [e-mail] and we'll fact-check it for you. You can also read all our fact-checked stories here.)