BRICS Bank anticipates greater utilization of local currencies, NDB chief says

The US dollar has the tendency to disrupt financial markets in developing countries president, the New Development Bank’s (NDB) president, Dilma Rousseff, said during the opening of the NDB Board of Governors’ plenary session.

Thus, the NDB is placing a strong emphasis on promoting the use of local currencies, she underlined. As part of this effort, the bank has made a significant decision to allocate up to 30% of its total financing to local currencies.

More key points from the NDB’s president’s address:

⚫️The NDB is currently investigating the potential for developing digital platforms to facilitate mutual settlements between various nations;

⚫️She highlighted the importance of boosting the use of local currencies to enhance the resilience of developing nations and promote stability in the global financial market;

⚫️It’s immediate necessity for adjustments to enhance the resilience of the global financial market and ensure it aligns with the steady growth of the global economy;

⚫️Rousseff underlined the importance of reducing the debt levels of developing countries and channeling funds towards building new industrial bases, scientific research, and innovation;

⚫️The NDB has the potential to make a substantial impact in tackling these challenges.