‘BRICS Bank’ Looks to Local Currencies as Russia Sanctions Bite
Hobbled by the impact of sanctions against founding shareholder Russia, the New Development Bank (NDB) set up by the BRICS countries needs to increase its local currency fundraising and lending, South Africa’s finance minister told Reuters.
South Africa will host leaders of the other BRICS nations – Brazil, Russia, India and China – as the bloc aims to widen its influence at a Johannesburg summit later this month.
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