The BRICS currency agenda: Towards de-dollarization and a new global financial order
Author(s): Prabhat Kishor Mahanand and Abhishek Naik
Abstract: The global economic landscape undergoes significant shifts, the BRICS alliance comprising Brazil, Russia, India, China, and South Africa has emerged as a key driver of efforts to challenge the long-standing dominance of the U.S. dollar in international finance. This article critically examines the BRICS currency agenda, focusing on its strategic push towards de-dollarization and the creation of a more balanced, multipolar financial order. It also explores the geopolitical factors, technological enablers, and institutional mechanisms being deployed by BRICS nations to reduce their dependence on Western-led financial structures. By analyzing recent proposals for a common currency, the increasing use of local currencies in intra-BRICS trade, and the development of alternative payment systems, the study highlights both the aspirations and obstacles facing this initiative. The article offers an in-depth perspective on how BRICS is reshaping global economic governance and what this transformation means for the Global South and the future of monetary sovereignty. However there is no final step taken in this way but the BRICS agenda towards the De-dollarization will be very crucial in the new global financial world order.
Prabhat Kishor Mahanand, Abhishek Naik. The BRICS currency agenda: Towards de-dollarization and a new global financial order. Int J Political Sci Governance 2025;7(9):120-124. DOI: 10.33545/26646021.2025.v7.i9b.671
