New Development Bank (NDB) launched by the BRICS bloc aims to increase local currency fundraising and lending, amid Western sanctions against founding shareholder Russia, South African Finance Ministry has announced.
According to South African Finance Minister Enoch Godongwana, increasing local currency use among NBD members will be on the summit’s agenda, with the aim of reducing the impact of foreign exchange fluctuations rather than de-dollarization.
“Most countries that are members of the NDB have been encouraging [it] to provide loans in local currencies,” Godongwana declared as quoted in a Reuters report on Monday.
“[It is] not doing as much as member countries require, but that is the strategic direction we are pushing the bank [in],” the minister added.....more below
