There are no obstacles for developing countries to switch to trade in national currencies, the president of BRICS' New Development Bank (NDB), Dilma Rousseff, said on Wednesday
ST.PETERSBURG (Pakistan Point News / Sputnik - 26th July, 2023) There are no obstacles for developing countries to switch to trade in national currencies, the president of BRICS' New Development Bank (NDB), Dilma Rousseff, said on Wednesday.
"There are no obstacles for the countries of the developing world to carry out their foreign trade operations in national currencies," Rousseff said at a meeting with Russian President Vladimir Putin in St.Petersburg ahead of the second Russia-Africa Summit, opening on Thursday.
The NDB is an international financial institution established in 2014 following the BRICS summit by an agreement between Brazil, Russia, India, China and South Africa. It aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries, as well as other emerging markets and developing countries through the provision of loans, guarantees and other financial instruments as part of state and private projects.
BRICS unites the world's largest emerging economies, namely Brazil, Russia, India, China, and South Africa. A number of other countries intend to join the economic bloc, including Algeria, Argentina, Egypt, Iran, Indonesia, Saudi Arabia, Turkey, and the United Arab Emirates. South Africa, which assumed the rotating BRICS presidency in January, will host the 15th BRICS summit from August 22-24.
