Brazilian President Luiz Lula da Silva has called for BRICS nations to conduct trade using their own national currencies instead of the US dollar. In a speech on Monday, he stated that Brazil must settle payments in national currencies with both India and China. He acknowledged that “The US won’t like it at first; it’s obvious they can’t like it,” but urged financial officials to find solutions.
President Luiz Lula da Silva of Brazil has forcefully advocated for a significant shift in how BRICS nations conduct international trade. He specifically emphasized the need for Brazil to settle payments with India and China using their respective national currencies, questioning the necessity of the US dollar as an intermediary. “What we really want is to discuss the following for Brazil to trade with India. Is it necessary to use the dollar, or can we use our own currencies?” he stated.
Lula da Silva directed his nation’s finance ministers and Central Bank officials to develop a practical framework for this de-dollarization initiative. He expressed confidence that alternatives to the dollar are feasible, stating “It’s not necessary (to use the US dollar), and I think we can prove that it’s not necessary.” The Brazilian leader openly anticipated resistance from the United States to this proposal.
“The US will not like it at first; it’s obvious they can’t like it. I didn’t expect the US to agree with this idea,” he said. Lula da Silva framed the move as an effort to create a fairer international trading system that penalizes smaller countries less. This push for using national currencies is set to be a key topic for discussion at the next BRICS summit, which will be hosted in India.
