Russia is hopeful that the BRICS New Development Bank (NBD) will be issuing bonds in rubles, Head of BRICS Office at Russia's Ministry of Foreign Affairs Mikhail Kalugin told Sputnik
WASHINGTON (Pakistan Point News / Sputnik - 16th May, 2019) Russia is hopeful that the BRICS New Development Bank (NBD) will be issuing bonds in rubles, Head of BRICS Office at Russia's Ministry of Foreign Affairs Mikhail Kalugin told Sputnik.
"Our new development bank, created by BRICS, is exploring and has already started issuing its bonds in national currencies. In NDB there were several bond issuances - this is also a step towards the development of the mutual settlements in national currencies. When the bank receives national currencies and then reinvests the received currencies into the economies of the BRICS countries. We hope such bonds will also be made in rubles," Kalugin said on Wednesday.
The New Development Bank was established by BRICS in July 2014 to finance infrastructure and sustainable development projects both within the BRICS and in developing countries.
Kalugin spoke at the "Doing Business with the BRICS" Conference organized by the Eurasia Center and the Eurasian Business Coalition.
The seventh annual conference brought together various experts and officials from Brazil, Russia, India, China and South Africa seeking to expand trade, direct investments and business opportunities, as well as open communication.
