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New Development Bank Wants to Finance More Projects Using Local Currencies Rather Than the U.S. Dollar

by Eric Olander
New Development Bank President Dilma Rousseff said the NDB is looking to finance more projects using local currencies rather than the U.S. dollar. STR / AFP

The New Development Bank (aka the “BRICS Bank”) wants to reduce the use of the U.S. dollar when it finances projects in developing countries.

The head of the Shanghai-based lender, Dilma Rousseff, told the bank’s annual meeting this week that the NDB envisions increasing the use of local currencies for loans from 22% to 30%.

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