“I don’t think there’s any policy on our part to replace the dollar…” EAM Jaishankar
External Affairs Minister Dr. S. Jaishankar has clarified that India has no policy aimed at replacing the U.S. dollar as the global reserve currency. Speaking at Chatham House in London, he emphasized that the U.S. dollar remains a cornerstone of international economic stability, which is crucial in today’s world. He stated, “I don’t think there’s any policy on our part to replace the dollar. As I said, at the end of the day, the dollar as the reserve currency is the source of international economic stability, and right now, what we want in the world is more economic stability, not less.”
Addressing discussions within the BRICS nations regarding de-dollarization, Jaishankar noted that there isn’t a unified stance on the matter. He remarked, “I would also say in all honesty, I don’t think there’s a unified BRICS position on this. I think BRICS members, and now that we have more members, have very diverse positions on this matter.”
These comments come in the context of U.S. President-elect Donald Trump’s recent demands that BRICS countries commit to not developing a new currency or supporting alternatives to the U.S. dollar, threatening 100% tariffs otherwise. In response, Jaishankar reiterated India’s stance, highlighting that the U.S. is India’s largest trading partner and that India has no interest in weakening the dollar.
Furthermore, Jaishankar highlighted India’s efforts to internationalize the Indian rupee for trade settlements, aiming to diversify and stabilize its economic engagements without challenging the dominant role of the U.S. dollar.
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