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New Development Bank Moves Forward With Local Currency Bonds in Bid to Reduce Dependence on the U.S. Dollar

by Eric Olander
Chair of the New Development Bank Dilma Rousseff attends the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on August 22, 2023. GIANLUIGI GUERCIA / AFP

The Shanghai-based New Development Bank, aka the BRICS Bank, said it is proceeding with plans to issue bonds and lend more money in local currencies as part of a larger effort to reduce reliance on the dollar.

“We expect to lend between $8 billion – $10 billion this year,” Dilma Rousseff, the former Brazilian president who leads the NDB, told the Financial Times in an interview. “Our aim is to reach about 30% of everything we lend . . . in local currency.”

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