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A worker arranges a signboard of the 15th BRICS summit outside the Sandton Convention Center in Johannesburg, South Africa, Aug. 17, 2023. The 15th BRICS summit is to be held in Johannesburg, South Africa, on Aug. 22-24.
A worker arranges a signboard of the 15th BRICS summit outside the Sandton Convention Center in Johannesburg, South Africa, Aug. 17, 2023. The 15th BRICS summit is to be held in Johannesburg, South Africa, on Aug. 22-24.

Zhang Yudong/Xinhua/Getty Images

  • The BRICS New Development Bank is starting to lend more in member currencies.
  • The bank's president, Dilma Rousseff, told The Financial Times 30% of lending will be in local tenders.
  • In August, it sold its first South African rand bond, and plans to sell Indian rupee bonds in October.

A development bank formed and led by the BRICS economic coalition is approaching de-dollarization from a debt angle, with plans to reduce dollar-denominated lending.

Tags
Markets, mi-exclusive, Lending, Development, emerging-markets, BRICS, India, Rupee, Currency, De-Dollarization, dollar-dominance
Source
China-based BRICS bank aims to de-dollarize debt by expanding local currency le…