New Development Bank committed to increasing local currency use: Vice president

The BRICS New Development Bank’s Vice President, Leslie Maasdorp, says the bank is committed to increasing the use of local currency of the bloc’s member states.

The bank which the BRICS countries established in 2015 and is headquartered in Shanghai celebrated its seventh anniversary on Friday.

Maasdorp, who is also the Bank’s CFO, says member states Brazil, Russia, India, China, and South Africa – are pushing for more trade among them in their respective currencies.

He says the bank is already using different currencies even though the US dollar is still the trading currency.

“The bank is committed to deploy more local currency financing going forward. At some stage in the future as you know, our shareholders at the level of BRICS countries are discussing the approach for the future because a number of countries at their level are starting trade in their local currency. As far as the Bank is concerned we will be continuing to lend in US dollars and also in South African rand, in Brazilian Real, in Indian Rupee, Chinese Renminbi and so on.”