MOSCOW (Sputnik) - BRICS' New Development Bank (NDB) plans to start lending in the South African and Brazilian currencies in order to reduce global dependence on the US dollar, the British newspaper reported on Tuesday, citing the lender's head, former Brazilian President Dilma Rousseff.
With the implementation of lending in the South African rand and Brazilian real and with reduction of reliance on the US dollar, the NDB is planning to promote the development of a more multipolar global financial system, the newspaper said, citing the bank's president.
"[The NDB's] aim is to reach about 30 per cent of everything we lend... in local currency," Rousseff said in an interview with the newspaper.
She added that loans in South Africa and Brazil would be granted in the corresponding national currencies......more below
