The New Development Bank (NDB), established by the BRICS countries, is focusing on increasing the use of local currencies to ensure sustainable development of the global economy, according to its president, Dilma Rousseff, at the opening of the NDB Board of Governors' plenary session.
She pointed out that the US dollar often destabilizes financial markets in developing countries. Therefore, the NDB is prioritizing the increased use of local currencies, with a decision that up to 30% of the bank's total financing will be in local currencies.
Rousseff noted that the NDB is currently exploring the potential for developing digital platforms to facilitate mutual settlements between different nations. She highlighted the importance of boosting the use of local currencies to enhance the resilience of developing countries and promote stability in the global financial market.
The bank's president emphasized the immediate need for adjustments to increase the resilience of the global financial market and ensure that it is in line with the steady growth of the global economy. Rousseff also underlined the importance of reducing the debt levels of developing countries and channeling funds into building new industrial bases, scientific research, and innovation.
She said that the NDB has the potential to make a substantial impact in tackling these challenges.