The BRICS bank is set to unveil bonds denominated in local currencies

The BRICS, a coalition of prominent emerging markets, is gearing up to introduce new bonds in the global markets, denominated in local currencies rather than the US dollar.

As per a press release by Watcher Guru, a finance-focused website with a cryptocurrency emphasis, the BRICS bank, known as the New Development Bank (NDB), is set to launch 'Maharaja Bonds' worth $28 billion. Although the exact release date was not specified by Watcher Guru, the Chief Operating Officer of NDB, Vladimir Kazbekov, has mentioned that regulatory approvals are pending.

These bonds, as outlined by the website, will be accessible to governments, financial institutions, and individual investors. The initiative aims to make them available for purchase in local currencies, intending to fortify these currencies and contribute to the economic advancement of the respective nations.

This bond release is part of BRICS's broader de-dollarization efforts, reflecting the alliance's commitment to reducing dependence on the US dollar in an endeavor to reshape the global economy.

Comprising Brazil, China, Russia, India, and South Africa, along with new members Iran, Saudi Arabia, the UAE, Egypt, Argentina, and Ethiopia, BRICS leaders, in their latest summit in late 2023, pledged to promote the use of local currencies as a means of moving away from the US dollar. They unanimously rejected leveraging the global economy for political purposes.