RBI governor clarifies India's stance on de-dollarization within BRICS

Reserve Bank of India Governor Shaktikanta Das stated that de-dollarization is not India's goal within the BRICS group. He clarified that the RBI's actions, such as allowing vostro accounts and local currency trade agreements, aim to reduce trade risks, not eliminate the dollar. Das noted that the idea of a common BRICS currency was proposed by one member but emphasized that geographical differences among BRICS nations make this impractical. He reiterated that India opposes a common currency with China. The governor's remarks follow U.S. President-elect Donald Trump's threats of tariffs on BRICS nations if they pursue an alternative currency. Das stressed that India's focus remains on enhancing local currency trade rather than pursuing de-dollarization.