Posted 10/5/2023, 4:40:09 PM
BRICS Bank Aims to Reduce Dollar Reliance, Adds New Members in Push for Local Currency Lending
- BRICS New Development Bank implementing 3-year plan to increase local currency lending
- Aims to reduce reliance on US dollar for developing country investment
- Expanding membership to include 6 new countries - Saudi Arabia, UAE, Egypt, Argentina, Iran, Ethiopia
- Growth could facilitate move away from dollar in lending model
- Currently 22% of transactions in BRICS currencies, goal to reach 30% by 2026
