'No proposal to create BRICS currency': Lula da Silva's pushback against de-dollarisation claims
He called the conversation around de-dollarisation "misunderstood".
- Feb 21, 2026,
- Updated Feb 21, 2026 9:39 AM IST
Brazilian President Luiz Inacio Lula da Silva debunked all speculations of de-dollarisation and said that the BRICS grouping is not working towards creating a common currency. He called the conversation around de-dollarisation "misunderstood".
"There is no proposal to create the BRICS currency. There is no debate within BRICS about whether to create a new currency," Lula said in an exclusive interview with India Today TV. While debunking de-dollarisation claims, he supported the use of local currencies between India and Brazil.
He added that the two countries should ask whether every trade agreement should rely on the US dollar.
“It is not necessary that a trade agreement between India and Brazil has to be done with US dollars. We can use our own currencies. It is difficult, but we can try,” the Brazilian president said.
He, however, warned that the global financial system cannot shift overnight. Furthermore, the Brazilian President said that Americans would naturally resist the rise of other currencies.
“The dollar is the world’s strongest currency, and the Americans don’t want other currencies to rise. We have to take that into account,” he said. Lula da Silva explained that conversations around local-currency trade are not anti-dollar and give countries more options in bilateral trade instead.
Commenting on BRICS, he said that it represents the Global South. "India and China alone carry half the world's population. More than half of humanity is participating in BRICS."
Lula da Silva further said that Brazil does not want a world marred by geopolitical divisions. “We don’t want a second war. We don’t want a cold war between China and the US. Brazil wants to trade with all countries.”
He called himself an advocate of multilateralism and said that BRICS represents the hope for a more balanced world order.
Furthermore, he said that India-Brazil trade can touch $30-40 billion. Praising India's technological ecosystem, he said, “India has a lot to teach us, and we want to learn."
He added that Brazil also offers a massive market that Indian companies can tap into and benefit from. Silva further announced that Brazilian aircraft maker Embraer will open a manufacturing plant in India, as Brazil cannot rely only on American or Chinese supply chains.
Commenting on the future of India-Brazil relations, he said, “We want our economies to grow. When they grow, trade will also grow, and it will benefit both India and Brazil.”
Brazilian President Luiz Inacio Lula da Silva debunked all speculations of de-dollarisation and said that the BRICS grouping is not working towards creating a common currency. He called the conversation around de-dollarisation "misunderstood".
"There is no proposal to create the BRICS currency. There is no debate within BRICS about whether to create a new currency," Lula said in an exclusive interview with India Today TV. While debunking de-dollarisation claims, he supported the use of local currencies between India and Brazil.
He added that the two countries should ask whether every trade agreement should rely on the US dollar.
“It is not necessary that a trade agreement between India and Brazil has to be done with US dollars. We can use our own currencies. It is difficult, but we can try,” the Brazilian president said.
He, however, warned that the global financial system cannot shift overnight. Furthermore, the Brazilian President said that Americans would naturally resist the rise of other currencies.
“The dollar is the world’s strongest currency, and the Americans don’t want other currencies to rise. We have to take that into account,” he said. Lula da Silva explained that conversations around local-currency trade are not anti-dollar and give countries more options in bilateral trade instead.
Commenting on BRICS, he said that it represents the Global South. "India and China alone carry half the world's population. More than half of humanity is participating in BRICS."
Lula da Silva further said that Brazil does not want a world marred by geopolitical divisions. “We don’t want a second war. We don’t want a cold war between China and the US. Brazil wants to trade with all countries.”
He called himself an advocate of multilateralism and said that BRICS represents the hope for a more balanced world order.
Furthermore, he said that India-Brazil trade can touch $30-40 billion. Praising India's technological ecosystem, he said, “India has a lot to teach us, and we want to learn."
He added that Brazil also offers a massive market that Indian companies can tap into and benefit from. Silva further announced that Brazilian aircraft maker Embraer will open a manufacturing plant in India, as Brazil cannot rely only on American or Chinese supply chains.
Commenting on the future of India-Brazil relations, he said, “We want our economies to grow. When they grow, trade will also grow, and it will benefit both India and Brazil.”