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Iran Warns BRICS of ‘Big Threat’ From Western Payment Systems, Vows to End Dependence

[Oct 24 7:30 AM] Iran has called for BRICS nations to reduce their reliance on Western financial systems, warning of the risks posed by such dependence. Addressing the BRICS summit in Russia, Iran’s president urged the bloc to explore alternative structures and…

BRICS Bank Offers Zimbabwe Escape From IMF Debt Traps, Says Professor

[Oct 17 3:30 AM] A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized the NDB’s role in helping countries…

BRICS Bank to Issue First Indian Rupee Bond — Plans to Boost Local Currency Lending

[Aug 22, 2023 11:30 PM] The New Development Bank (NDB), also known as the BRICS Bank, is reportedly planning to issue its first Indian rupee bond by October. Last week, the bank issued its first South African rand bond. “NDB is seeking to increase its presence in…

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 Official Discusses Common Currency as Reports of Gold-Backed BRICS Currency Gain Attention

[Jul 8, 2023 8:00 PM] The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to…

Argentina Settled Almost 20% of Its Imports in April and May Using the Chinese Yuan

[Jun 20, 2023 4:00 AM] The government of Argentina has noted that 19% of all imports authorized in the national system were settled using the Chinese yuan in April and May. $2.72 billion in Chinese yuan were approved to complete these payments, taking advantage of the…

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…

BRICS Bank in Membership Talks With Saudi Arabia, Report Reveals

[May 28, 2023 4:00 PM] The development bank set up by the BRICS bloc is negotiating with Saudi Arabia on accepting the country as a member, according to a press report. The talks come as the bank, created as an alternative to similar institutions led by the West, seeks…

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…

Russian Think Tank Profiles BRICS Bank as IMF Counterpart to De-Dollarize Credit Markets

[May 25, 2023 11:30 PM] The Roscongress Foundation, a Russian think tank, has profiled the New Development Bank, known as the BRICS bank, as an alternative to the International Monetary Fund (IMF) in its latest “Decolonization in Energy Markets” report. Nation…

Brazilian President Lula to Act as BRICS Liaison to Help Argentina, Discusses Credit Line in Brazilian Reals

[May 4, 2023 11:30 PM] Brazilian President Luiz Inacio Lula da Silva stated Brazil will serve as a facilitator to try and arrange BRICS bloc assistance for Argentina. Lula stated that the New Development Bank — the BRICS bank — could modify some of its rules to aid…

BRICS Bank ‘Re-taps Into USD Bond Market’ With $1.25 Billion ‘Green’ Bonds

[Apr 22, 2023 3:00 AM] The development bank established by the BRICS group of nations has issued its first “green” bonds in U.S. dollars (USD). Proceeds from the placement will be used to fund “green” projects supported under the banking institution’s sustainable…

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency

[Apr 13, 2023 11:30 AM] According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly…

Report: Egyptian Lawmakers Hail Parliament’s Endorsement of Pact to Join BRICS Bank

[Feb 3, 2023 3:30 AM] Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will…