This is according to the Monetary Policy Director Nilton David said on Monday.

David told a central bank webcast that there is not a meaningful stock of BRICS-denominated assets that could offset the dollar at the moment. "I don't think that will change over the coming decade," he added.

The Director acknowledged that alternative settlement tools could gain traction and help boost bilateral trade deals, but nowhere near enough to dislodge the Dollar in any visible horizon.

Reuters reported in February that Brazil's presidency of BRICS, which recently added six other members this year, would shelve talk of a common currency, focusing instead on ways to trim Dollar reliance, such as linking payment systems and exploring blockchain standards set by bodies like the Bank for International Settlements.

US President Donald Trump has repeatedly cautioned the BRICS group against attempts to challenge the supremacy of the Dollar.

--Reuters--