BRICS moves to counter dollar trade

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The newly expanded bloc will have more clout and will use the New Development Bank to reduce dollar-denominated debt.

Just days before the start of the summit, the New Development Bank issued its first South African bond of R1.5 billion in the domestic currency.

merging economies that are heavily burdened with dollar-denominated debt, and facing fluctuating exchange rates, reduced capital flows and tightened monetary policy from major global central banks, have suffered more than developed economies across key economic and financial metrics.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

 

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