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Brazil Pushes BRICS to Shift From US Dollar, Advocating National Currencies in Global Trade

[Oct 17, 2024 1:30 AM] Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries. As the group expands, discussions on alternative payment platforms are gaining momentum…

Local Currencies Are Not Alternatives to the Dollar but the System, BRICS Bank Chair Says

[Aug 23, 2023 1:30 PM] The development bank founded by the BRICS bloc of emerging economies aims to promote a multipolar financial system, its head, Dilma Rousseff, has indicated. As part of these efforts, the institution seeks to expand lending in local currencies…

Russian President Vladimir Putin Criticizes the ‘Use of the Dollar as a Political Weapon’

[Jul 28, 2023 11:30 PM] Russian President Vladimir Putin has railed against using the dollar as a political weapon in a meeting with the New Development Bank’s president, Dilma Rousseff. Putin stated that this weaponization and the recent developments in global…

BRICS Bank President Dilma Rousseff Calls for the Creation of a Global South Focused Financial System

[Jun 13, 2023 10:30 PM] Dilma Rousseff, president of the New Development Bank — also known as the BRICS bank — and former Brazilian president, has called for establishing a financial architecture designed for the so-called Global South. In a keynote speech at the 14th…

Honduras Applies to Join BRICS Bank

[Jun 13, 2023 2:30 AM] The government of Honduras has formally applied to become part of the New Development Bank, known as the BRICS bank, in an official visit of Honduran President Xiomara Castro to Shanghai. Honduras is now another country that has requested entry…

BRICS Bank to Offer More Loans in Local Currencies — President Calls for ‘Diversified Global Currency System’

[May 30, 2023 9:30 PM] The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s…

Brazil Sees BRICS Bank as Alternative Financial Institution, President Lula Says

[May 26, 2023 6:00 PM] The government of Brazil views the development bank established by the BRICS bloc as an alternative to traditional financial institutions, the country’s head of state told African diplomats. President Lula da Silva also vowed that the bank will…

Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed

[Apr 15, 2023 12:30 AM] Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China. The settlement, which was…