Lula stresses importance of new regional currency talks at New Development Bank meeting

Brazil's President Luiz Inacio Lula da Silva said that ongoing discussions about creating a new regional currency are 'extremely important', during his speech at the New Development Bank's annual meeting in Rio de Janeiro.

Lula highlighted that a regional trading currency among BRICS or broader South American nations could decrease dependency on the USD, reducing vulnerabilities and lowering transaction costs. He stressed that establishing such a currency demands “seriousness, caution, and technical solidity”—acknowledging complexity, yet insisting the conversation cannot be delayed.