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

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 ‘Maharaja Bonds’ 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.

Also Read: BRICS: India Gets Reality Check, Ditching US Dollar Becomes Impossible

The alliance will offer the BRICS 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 BRICS bank aiding their motives of a world…

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