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 <p>In the latest move of strength to push the de-dollarization initiative, the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank announced it will raise $3 billion worth of funds in local currencies and not the US dollar. The medium-term program initiated by the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank, commonly called the ‘New Development Bank (NDB) plans to raise $3 billion in local currencies in the next five years. The <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank will provide loans to developing countries in local currencies to help them aid infrastructural projects.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> Offers Bonds Worth $28 Billion in <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/local-currency.html">Local Currency</a>, Not US Dollar</strong></p>
 <p>The US dollar will not find its place while raising funds giving a boost to local currencies by BRICS. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar.</p>
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 <h2 class="wp-block-heading" id="h-brics-bank-to-use-local-currencies-for-raising-funds-ditch-us-dollar">BRICS Bank To Use Local Currencies For Raising Funds, Ditch US Dollar</h2>
 <figure class="wp-block-image size-large"><img width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/01/13/b4458cdf43cc62677811d2aa9cbb3431.webp" alt="brics new development bank ndb">
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   Source: NDB
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 <p>Vladimir Kazbekov, the Chief Operating Officer of NDB said that the bank is preparing to launch its maiden bond offering for the tune of $28 billion. The new BRICS bond will be called the <strong>‘Maharaja Bond’</strong> and aims to receive investments in local currencies. Therefore, the BRICS bank NDB is sidelining the US dollar while raising funds and offering bonds worth billions of dollars.</p>
 <p><strong>Also Read:&nbsp;BRICS: India Gets Reality Check, Ditching US Dollar Becomes Impossible</strong></p>
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 <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>
 <p><strong>Also Read:&nbsp;30 New Countries Ready To Join <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> in 2024, Confirms Russia</strong></p>
 <p>The <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank lent $500 million in loans to India to fund a road project in the state of Gujarat. Read here to learn more details about the project and how the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank funded the large-scale infrastructural initiative. This is the first time that the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/brics.html">BRICS</a> New Development Bank lent loans this year in 2024.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Brics Bank</li>
  <li>BRICS Currency</li>
  <li>Local Currency</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-bank-to-raise-3-billion-in-local-currencies-not-us-dollar-tbt76486.html">https://thebittimes.com/brics-bank-to-raise-3-billion-in-local-currencies-not-us-dollar-tbt76486.html</a></p>

BRICS Bank To Raise $3 Billion in Local Currencies, Not US Dollar

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