Vladimir Kazbekov, chief operating officer of the BRICS Development Bank, has revealed that the bank aims to issue its first Indian rupee bonds by October. This comes at a time when the new bank is under pressure to raise funds in local currencies and expand lending from them.
The bank issued its first bond in rand, South Africa's official currency, and could consider issuing local currency bonds in member countries such as Brazil and Russia.
"We have now begun to seriously consider using the currencies of member states to finance projects in this currency in another member state. For example, we will use the Chinese yuan to fund a project in South Africa instead of the dollar."
Source (Al Khaleej Emirati Newspaper, Edited)
