It is premature to speak of a common currency in the BRICS context, said Indian Ambassador to Russia Ajai Malhotra.

"Tremendous coordination in economic policy at the national level as well as institutional efforts in terms of monitoring, reporting and management are required," he said in an interview with Interfax published Sunday. But the organization's economic integration is continuing, he said.

"At the Sanya summit last April we signed a framework agreement on financial cooperation, envisaging a grant of credits in local currencies. Similarly, we are discussing the possibility of currency swap arrangements that could promote greater use of local currency in settling intra-BRICS trade transactions," he said.

Editorial Message
This site contains materials from other clearly stated media sources for the purpose of discussion stimulation and content enrichment among our members only. does not necessarily endorse their views or the accuracy of their content. For copyright infringement issues please contact