BRICS Bank NDB Gives Loans in Local Currencies Worth $2.1 Billion
The New Development Bank (NDB), commonly called the BRICS bank has disbursed loans in local currencies worth $2.1 billion. The alliance has lent loans worth totaling close to $10 billion during the timeframe and around 22% of them were disbursed in local currencies. The BRICS bank aims to increase lending loans in local currencies by 30% by the end of 2026. That would equate to loans worth $3 billion and more if the bloc moves according to the plan. The ideology to not fully use the US dollar for loans came after the White House pressed sanctions on Russia. Also Read: China Dumps $8.2 Billion US Treasury Bonds in BRICS Counter-Attack The US sanctioned Russia in February 2022 for invading and waging war against its neighboring country Ukraine. Though the sanctions were imposed by the Biden administration, Trump has not revoked them and the sanctions remain in 2025. Therefore, the BRICS bank NDB began issuing loans in local currencies to bypass the US sanctions and financially help membe...