This comes as the new bank is under pressure to raise funds in local currencies and expand lending from them.
And Vladimir Kazbekov added in a press conference, Monday, ahead of the BRICS summit scheduled to start tomorrow, Tuesday, in Johannesburg that the bank issued its first bonds in rand, the official currency in South Africa, last week and could study issuing local currency bonds in member countries such as Brazil and Russia.
He continued, saying, “We may knock on the doors of the Indian market – the rupee – by October in India … We have begun to think seriously now about using the currencies of member states to finance projects in this currency in another member state of the group. For example, we will use the Chinese yuan to finance a project in South Africa instead of the dollar.” “.
Kazbekov declined to disclose the volume of bonds the bank aims to issue in Indian rupees.
Reuters had previously reported that such a bond was in the works.
Founded in 2015, the National Development Bank is the most sobering achievement for the BRICS countries, Brazil, Russia, India, China and South Africa, as they seek to turn the bloc into a counterweight to the West.
However, the already slow pace of lending has been hampered by the sanctions imposed on Russia.
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