BRICS Bank to reduce reliance on US dollar, to issue 30% of loans in local currencies

The multilateral development bank was established in 2015 by the BRICS nations (Brazil, Russia, India, China and South Africa), as an alternative to the World Bank and IMF.

Dilma Rousseff, the bank’s president who disclosed this in a recent interview with Financial Times, said the Shanghai-based lender was considering applications for membership from about 15 countries and was likely to approve the admission of four or five.

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