NFT News by Thebittimes.Com

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...

BRICS members Russia and Iran have officially abandoned the SWIFT payment system for cross-border transactions. The two countries will initiate payments to settle international trade using direct bank transfers. SWIFT payment system is no longer needed for trade between Russia and Iran, as both countries have agreed to carry out transactions directly through the banks. The two BRICS members will engage in direct bank transfers in their respective local currency and not the US dollar. Also Read: BRICS: JP Morgan Issues Major Warning About US Economy The direct bank transfers with no SWIFT are between Russia and Iran only, and not the other BRICS members. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: After Being Banned From SWIFT, Russia & Iran Initiate Direct Bank Transfers in Local Currency Source: oilprice.com Both Russia and Iran were banned from SWIFT in 2022 after the US pressed sanctions against the ...