Brazil has adopted a cautious stance on Russia’s proposal to create a common currency for the BRICS group. The idea, which aims to establish an alternative SWIFT system for business transactions, has found resistance from Brazilian authorities.
During the recent meeting of finance ministers and presidents of the BRICS central banks, Brazil managed to circumvent the discussion on the subject. The Minister of Planning and Budget, Simone Tebet, in her speech, made no mention of the proposed single currency, highlighting the Brazilian strategy to avoid the subject.
Pragmatic position of Brazil
Outside social networks and political discourses, the Brazilian government has adopted a more pragmatic approach. The Central Bank of Brazil, during the meeting, merely presented prior experiences and an existing inventory of existing systems that can be perfected, without proposing new mechanisms or a common currency.
Brazil’s stance has been to completely avoid this discussion, moving away from the rhetoric used by President Luiz Inacio Lula da Silva, who has already referred to a common BRICS currency on previous occasions. This more cautious attitude is seen as positive by employees of the Brazilian government.
International impact and reactions
The proposal of a common currency for the BRICS has generated international repercussions. Donald Trump, for example, has already used social networks to criticize the idea, threatening with a 100% tax on products from countries that participated in this “decalarization”.
Russia, in turn, shows great interest in creating an alternative system to SWIFT, from which it was excluded due to international sanctions. However, Brazil, as president of BRICS in 2025, has been able to maintain control of the agenda, avoiding advancing on topics that it does not consider its immediate interest.
The attitude adopted by Brazil in this question reflects an attempt to balance their international relations, avoiding alignments that may harm their economic and diplomatic interests in the global scenario.
