The New Development Bank (NDB), better known as the BRICS Development Bank, has announced plans to begin lending in South African and Brazilian currencies in order to reduce reliance on the US dollar.
The multilateral development bank was established in 2015 by the BRICS nations (Brazil, Russia, India, China and South Africa).
Dilma Rousseff, the bank’s president, spoke in a recent interview with Financial Times.
She also 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.
