South Africa, Brazil, other BRICS nations adopt new currencies to reduce dollar influence

The BRICS nations; Brazil, Russia, India, China and South Africa, have agreed to reduce their reliance on the dollar in loan advances to their members.

This was disclosed by the President of the New Development Bank (NDB), better known as the BRICS Development Bank, Dilma Rousseff, on Tuesday.

Rousseff said the 30 per cent of loan disbursed by the bank will now be in South African rands, Brazilian real and Indian rupee going forward.

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