The development bank founded by the BRICS bloc of emerging economies aims to promote a multipolar financial system, its head, Dilma Rousseff, has indicated. As part of these efforts, the institution seeks to expand lending in local currencies, those of member states in particular, such the South African rand and the Brazilian real.
BRICS Development Bank Strives to Become ‘Bank Made by Developing Countries for Themselves’
The New Development Bank (NDB), set up by the BRICS group (Brazil, Russia, India, China, and South Africa), intends to increase lending in local currencies as part of efforts to reduce reliance on the U.S. but the wider objective is to change the global financial system, the bank’s Chair Dilma Rousseff explained in an interview. Speaking to the Financial Times, she stated:
We expect to lend between $8 billion and $10 billion this year. Our aim is to reach about 30 percent of everything we lend … in local currency.
Rousseff noted that the NDB plans to issue d
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