BRICS Bank To Raise $3 Billion in Local Currencies, Not US Dollar
In the latest move of strength to push the de-dollarization initiative, the BRICS bank announced it will raise $3 billion worth of funds in local currencies and not the US dollar. The medium-term program initiated by the BRICS bank, commonly called the ‘New Development Bank (NDB) plans to raise $3 billion in local currencies in the next five years. The BRICS bank will provide loans to developing countries in local currencies to help them aid infrastructural projects. Also Read: BRICS Offers Bonds Worth $28 Billion in Local Currency , Not US Dollar The US dollar will not find its place while raising funds giving a boost to local currencies by BRICS. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar. BRICS Bank To Use Local Currencies For Raising Funds, Ditch US Dollar Source: NDB Vladimir Kazbekov, the Chief Operating Officer of NDB said that the bank is preparing to launch its maiden bond offering for the tune of $28 bill...