BRICS is not discussing the creation of a common currency to replace the dollar, the countries focus on using their own currencies for trade, Spokesperson for the South African Ministry of International Relations and Co-Operation Chrispin Phiri said in a statement on X on Sunday.
"Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies," Phiri noted.
BRICS leaders have called for a reformed international financial system to facilitate trade in local currencies, and South Africa supports the use of national currencies in international trade and financial transactions, "rather than focusing on de-dollarization," he also pointed out.
Strengthening correspondent banking networks and developing infrastructure for local-currency settlements could further this objective, the official added.
"We require a commitment from these countries [BRICS members] that they will neither create a new BRICS currency, nor back any other currency […] or, they will face 100% tariffs," US President-elect Donald Trump stated earlier on Sunday.
At the same time, Russian President Vladimir Putin said in November that it is too early to create a common BRICS currency and that there is no such goal. Putin explained that the creation of a common currency requires greater integration of the BRICS member countries' economies and their structural similarity. The Russian President pointed out that 88% of Russia's trade turnover with the BRICS countries is serviced in national currencies.