BRICS Common Currency Paused: Lula Denies New Currency, Dollar Challenge
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BRICS Common Currency Dismissed: Lula Clarifies No New Currency, Not Challenging Dollar
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News18•21-02-2026, 12:20
BRICS Common Currency Dismissed: Lula Clarifies No New Currency, Not Challenging Dollar
•Brazilian President Luiz Inácio Lula da Silva dismissed speculations about a BRICS common currency, stating no proposal or formal discussion is underway.
•Lula clarified that BRICS' objective is not to eliminate the US dollar but to increase trade options among member countries, advocating for trade in local currencies.
•He acknowledged the dollar's strength and the US's natural opposition to other currencies, stating the global financial system won't change overnight.
•Lula expressed hope for India-Brazil trade to reach 30-40 billion dollars, praising India's tech ecosystem and inviting Indian investment.
•He announced Embraer would open a manufacturing plant in India and emphasized BRICS' role in promoting a multilateral, balanced world order through cooperation, not confrontation.
