Could a BRICS Currency Work?

Economics

Feb 12, 2026

Jim O'Neill

Economists have long dismissed the idea that a BRICS common currency could challenge the US dollar's role in the global economy, and for good reason. But that doesn't mean there couldn't be new common rails for settling trade between countries that want to escape the long arm of the US government.

LONDON – Could the BRICS (Brazil, Russia, India, China, South Africa) ever launch a shared currency to challenge the US dollar’s dominant position in the world economy? Like many conventional international economists, I have generally dismissed the idea, despite my own role in coining the BRICS acronym, which led to the creation of a formal BRICS club (since expanded into the BRICS+, with the addition of five new members).