New Delhi, Sept. 12 -- There is no proposal at present to introduce a common BRICS currency, while discussions on settling bilateral trade in local currencies will continue as a practical way to reduce transaction costs, Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, said on Saturday.

"There is no proposal in the BRICS for a BRICS currency, as of now," Dalela said while briefing the media after the 18th BRICS Summit in New Delhi.

His comments come as BRICS countries continue discussions on strengthening cross-border payments and reducing transaction costs in trade among member countries, without moving towards a common currency at present.

"Discussion on trade settlement in local currency has been ...