No common currency for BRICS trade: Government

New Delhi, August 21

Ahead of the ‘BRICS Leaders Summit’ in South Africa, New Delhi poured cold water on talks of a common currency for this five-nation grouping and said pushing more trade in respective national currencies was a more immediate goal.

The substance of discussions in BRICS has focussed on increasing trade in national currencies, which is different from common currency concept, pointed out Foreign Secretary Vinay Mohan Kwatra at a media briefing on PM Narendra Modi’s visit to South Africa and Greece beginning from Tuesday.

To increase trade in national currencies, India is discussing with potential partners strong regulatory arrangements and due diligence of commercial banking channels.

The Foreign Secretary was noncommittal about the PM’s bilaterals, including a highly anticipated meeting with Chinese President Xi Jinping, in Johannesburg on the sidelines of the summit. PM Modi will come across Xi on Tuesday itself at the leaders’ retreat. Subsequently, their paths will cross several times during the next two days of the summit.