Brazil backs expanding use of national currencies in BRICS trade
Brazilian authorities are in favor of expanding the use of national currencies in trade among BRICS nations and are open to exploring opportunities to increase their share of mutual payments, according to Tatiana Rosito, Secretary of the Finance Ministry.
"The trade in local currencies is already underway, for example, between Brazil and China," she said in an interview with the BRICS Brasil 2025 web portal. "No obstacles exist to that on the side of Brazil," the official said, News.Az reports, citing TASS.
The desire of businessmen to use the US dollar in trade due to higher liquidity remains a problem for BRICS member-countries, Rosito noted. "Therefore, the goal of BRICS is to expand the use of local currencies in any way that will make it possible to reduce costs and will be of interests for association’s members," she said.
Creation of the New Development Bank became one of main results of cooperation among BRICS countries, the official noted. "Opening of this bank reflects the aspiration of BRICS members to proactively participate in transformation of the economic and financial order," Rosito added.
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