Bank AI

Read

Billion

<div class="watcher-guru">
 <p>The BRICS bank, commonly called the New Development Bank (NDB) is preparing to launch new bonds in the global markets. The soon-to-be-released bonds launched by BRICS will be called <strong>‘Maharaja Bonds’</strong> and made available for governments, financial institutions, and regular investors. Interestingly, the BRICS bonds will be available for purchase in local currencies and not the US dollar. BRICS is advancing in its de-dollarization initiatives by putting roadblocks on the prospects of the US dollar.</p>
 <p><strong>Also Read:&nbsp;BRICS: India Gets Reality Check, Ditching US Dollar Becomes Impossible</strong></p>
 <p>The alliance will offer the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bonds for the tune of $28 billion in local currencies, sidelining the US dollar. The development will strengthen local currencies and give their respective native economies a boost. Investments in local currencies will enter the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank aiding their motives of a world away from the US dollar.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <p><strong>Also Read:&nbsp;30 New Countries Ready To Join <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> in 2024, Confirms Russia</strong></p>
 <h2 class="wp-block-heading" id="h-brics-bank-to-offer-maharaja-bonds-worth-28-billion-in-local-currencies-sideline-us-dollar">BRICS Bank To Offer ‘Maharaja Bonds’ Worth $28 Billion in Local Currencies, Sideline US Dollar</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp" alt="brics alliance leaders flags currency" class="wp-image-108787" srcset="https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 1024w, https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 300w, https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 768w, https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 380w, https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 550w, https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 800w, https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 1160w, https://cdn.thebittimes.com/images/2024/01/12/7706ed7baa5acc4547d29ab294ea330a.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: Reuters
  </figcaption>
 </figure>
 <p>The New Development Bank is working towards launching the <a rel="noopener noreferrer nofollow" title="Maharaja Bonds" href="https://thebittimes.com/tag/maharaja-bonds.html">Maharaja Bonds</a> after receiving approval from the regulatory authorities. Vladimir Kazbekov, the Chief Operating Officer of NDB confirmed that the bank is awaiting approvals from the regulatory body. Read here to know how many sectors in the US will be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> stops using the dollar.</p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <p><strong>Also Read:&nbsp;BRICS: Russia &amp; Iran End SWIFT, Start Bank Transfers in Local Currency</strong></p>
 <p>In addition, the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank is raising fresh funds worth $3 billion in local currencies and not the US dollar. Moreover, the funds will be used to provide loans for developing countries to aid their infrastructural projects. The loans will be disbursed to the beneficiary in local currencies ending reliance on the US dollar.</p>
 <p><strong>“This will be a medium-term program through which NDB aims to raise resources in local currency up to $3 billion over the next five years. We will use these resources primarily to finance private-sector projects. Regulatory approvals for the maiden NDB bond offering are awaited and will likely be completed soon,”</strong> said Kazbekov.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>BRICS Bonds</li>
  <li>BRICS Currency</li>
  <li>Maharaja Bonds</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-offers-bonds-worth-28-billion-in-local-currency-not-us-dollar-tbt76416.html">https://thebittimes.com/brics-offers-bonds-worth-28-billion-in-local-currency-not-us-dollar-tbt76416.html</a></p>

BRICS Offers Bonds Worth $28 Billion in Local Currency, Not US Dollar

Table of Contents

TheBitTimes

Other articles published on Jan 12, 2024

Ripple and SEC file key motions in the ongoing legal battle

5 Tokens Set To Mirror BONK's Impressive Growth

Ethereum community divided over proposed gas limit increase

SUI Price Jumped 29%; Is the $1.00 Breakout in Sui Reliable?

Grayscale CFO talks risk management after ETF nod

"Crypto is no longer on the fringe of capital markets": Expert roundup with Crossover, VersiFi, T...

Join our free newsletter for daily crypto updates!