The New Development Bank (NDB) of the BRICS (Brazil, Russia, India, China and South Africa) informed about plans to provide this year loans of $ 8 to 10 billion dollars. At the same time, as noted, lending to countries will take place in local currencies.
On the plans of the bank informed its head Dilma Rousseff in a conversation with the Financial Times. As clarified, the loan will be available in South African rand, Brazilian real, and rupees, among others, and not only.
"Our goal is to cover about 30% of everything we lend is in local currency," emphasized the interlocutor of the publication.
Rousseff also explained that such a measure would enable borrowers in member countries to bypass currency risk and interest rate fluctuations in the US. In addition, she said, local currencies are an alternative not to the dollar, but to the unipolar system, which will then become multipolar.