Soon, you can buy Indian rupee bond from BRICS Bank

The development bank founded by the BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on August 21 ahead of the summit's opening in Johannesburg.

The New Development Bank (NDB) issued its first rand bond in South Africa last week and could consider local currency issuance in members Brazil, Russia and the United Arab Emirates, Vladimir Kazbekov told a press briefing ahead of the BRICS Summit in Johannesburg on August22-24.

The New Development Bank remains one of the foremost achievements of the BRICS nations, Brazil, Russia, India, China and South Africa.

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The BRICS nations aim to turn the bloc into a counterweight to the West.

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"We are going to tap (the) Indian market — rupees — maybe by October in India," Kazbekov said.

"Now we start thinking seriously... to use one member country's currency to finance projects with that currency in another member. Let's say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (USdollar)," he said.

Kazbekov did not give a target size for the Indian rupee bond programme.

BRICS Bank's obligations towards Russia

Earlier, the BRICS Bank had asserted its obligations towards Russia, who, reports suggest, continued to make payments to the NDB throughout the crisis.

"Russia plays a significant role in the decision-making process and given its special role as a founding member, NDB intends to think about fulfilling its obligations vis-a-vis, in compliance with applicable restrictions introduced on financial capital," he told at an annual meeting in May 2023.

(With inputs from agencies)

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