<p>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.<br />
<br />
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 August&nbsp;22-24.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/explained-key-facts-about-the-brics-2023-summit-626490">Explained | Key facts about the upcoming BRICS 2023 Summit at Johannesburg</a></strong></p>

<p>The New Development Bank remains one of the foremost achievements of the BRICS nations, Brazil, Russia, India, China and South Africa.</p>

<p>The BRICS nations aim to turn the bloc into a counterweight to the West.</p>

<p><strong>Also watch |&nbsp;What's at stake for India at the BRICS Summit in South Africa?</strong></p>

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<p>"We are going to tap (the) Indian market — rupees — maybe by October in India," Kazbekov said.</p>

<p>"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 (US&nbsp;dollar)," he said.</p>

<p>Kazbekov did not give a target size for the Indian rupee bond programme.</p>

<h2><strong>BRICS Bank's obligations towards Russia</strong></h2>

<p>Earlier, the BRICS Bank had asserted its obligations towards Russia, who, reports suggest, continued to make payments to the NDB throughout the crisis.<br />
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"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.</p>

<p><em>(With inputs from agencies)</em></p>

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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 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 August 22-24. Also read | Explained | Key facts about the upcoming BRICS 2023 Summit at Johannesburg The New Development Bank remains one of the foremost achievements of the BRICS nations, Brazil, Russia, India, China and South Africa. The BRICS nations aim to turn the bloc into a counterweight to the West. Also watch | What's at stake for India at the BRICS Summit in South Africa? × "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 (US dollar)," 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) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Soon, you can buy Indian rupee bond from BRICS Bank

<p>BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries.</p>

<p>The foreign ministers of Brazil, Russia, India, China and South Africa met in Cape Town earlier this week. The shared currency for international trade among the bloc's nations was an issue that topped their agenda.</p>

<p>The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, told reporters after the meeting.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/business-economy/brics-backed-new-development-bank-invites-saudi-arabia-to-join-the-club-598674">BRICS-backed New Development Bank invites Saudi Arabia to join the club</a></strong></p>

<p>As part of bloc's efforts to come up with a shared currency, proposals are reportedly being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the BRICS "will be guided to them as to what the future models might be," Pandor said.</p>

<h2><strong>Greenback backlash: What else is happening?</strong></h2>

<p>All over the world, a backlash is brewing against the hegemony of the US dollar.&nbsp;</p>

<p>Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the US dollar.&nbsp;</p>

<p>India and Malaysia have also signed an accord to ramp up usage of the rupee in bilateral trade.&nbsp;</p>

<p>Among its allies, France is starting to complete transactions in yuan.&nbsp;</p>

<p><strong>Also watch |&nbsp;</strong><strong>Gravitas: India asks BRICS to fight for terror</strong></p>

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<p>In this sudden wave of agreements aimed at sidestepping the greenback, experts detect a sort of gradual, meaningful action that was missing in the past.&nbsp;</p>

<p>For many countries, their reasons for taking these measures are not much different from one another.&nbsp;</p>

<p>The US dollar, they say, is being weaponised to push America’s foreign-policy priorities and punish those that oppose them.&nbsp;</p>

<p>"Countries have chafed for decades under US dollar dominance," Jonathan Wood, principal for global issues at consultancy Control Risks was quoted as saying by Bloomberg.&nbsp;</p>

<p>"More aggressive and expansive use of US sanctions in recent years reinforces this discomfort—and coincides with demands by major emerging markets for a new distribution of global power," he added.&nbsp;</p>

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BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries.

BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries. The foreign ministers of Brazil, Russia, India, China and South Africa met in Cape Town earlier this week. The shared currency for international trade among the bloc's nations was an issue that topped their agenda. The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, told reporters after the meeting. Also read | BRICS-backed New Development Bank invites Saudi Arabia to join the club As part of bloc's efforts to come up with a shared currency, proposals are reportedly being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the BRICS "will be guided to them as to what the future models might be," Pandor said. Greenback backlash: What else is happening? All over the world, a backlash is brewing against the hegemony of the US dollar. Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the US dollar. India and Malaysia have also signed an accord to ramp up usage of the rupee in bilateral trade. Among its allies, France is starting to complete transactions in yuan. Also watch | Gravitas: India asks BRICS to fight for terror × In this sudden wave of agreements aimed at sidestepping the greenback, experts detect a sort of gradual, meaningful action that was missing in the past. For many countries, their reasons for taking these measures are not much different from one another. The US dollar, they say, is being weaponised to push America’s foreign-policy priorities and punish those that oppose them. "Countries have chafed for decades under US dollar dominance," Jonathan Wood, principal for global issues at consultancy Control Risks was quoted as saying by Bloomberg. "More aggressive and expansive use of US sanctions in recent years reinforces this discomfort—and coincides with demands by major emerging markets for a new distribution of global power," he added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Greenback backlash: BRICS 'common currency' targets economic weaponisation of US dollar

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Soon, you can buy Indian rupee bond from BRICS Bank

Greenback backlash: BRICS 'common currency' targets economic weaponisation of US dollar