Brazil is open to the possibility of using national currencies for settlements when trading inside BRICS and is actively discussing it at the moment, Brazilian Minister of Finance Fernando Haddad said on Wednesday in response to a question from Sputnik on the margins of the IMF-World Bank Spring Meetings.
"There are a lot of discussions in BRICS regarding the use of alternative financial instruments to develop trade between BRICS members, and trade between BRICS members and third countries. What is currently attracting the most attention is the ability to trade in local currencies. In my opinion, this is something that can be used in the short term to develop regional trade," Haddad said.
Many BRICS countries have been actively promoting de-dollarization and the use of national currencies in recent years.
In late-February, Russian President Vladimir Putin criticized the West's reliance on the dollar-centric financial system and its use to pressure other countries.