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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