'BRICS bank' aims to issue first Indian rupee bond by October

Johannesburg, Aug 22: The development bank founded by the BRICS countries will be issuing its first-ever Indian Rupee bond soon. This bond will be issued by October 2023, its chief operating officer said on August 21 ahead of the summit's opening in Johannesburg.

 

 

 

As per a Reuters report, the New Development Bank, NDB already issued bonds in South African Rand last week and could consider local currency issuance in members Brazil, Russia and the United Arab Emirates, Vladimir Kazbekov told a press briefing ahead of the BRICS Summit in Johannesburg on August 22-24.

 

The New Development Bank remains one of the foremost achievements of the BRICS nations, Brazil, Russia, India, China and South Africa.

 

The BRICS nations aim to turn the bloc into a counterweight to the West.

 

"We are going to tap (the) Indian market — rupees — maybe by October in India," Kazbekov said.

 

"Now we start thinking seriously... to use one member country's currency to finance projects with that currency in another member. Let's say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (US dollar)," he said.

 

Kazbekov did not give a target size for the Indian rupee bond program.

 

Besides, BRICS Summit 2023 is scheduled to be held from August 22 to August 24, 2023, in Johannesburg, South Africa. As of now, leaders from all five countries are expected to participate in the summit.