local currency payments boost BRICS financial autonomy –  Putin

An increase in payments in national currencies is bolstering the financial independence of BRICS countries and mitigating geopolitical risks, Russian President Vladimir Putin stated at a meeting with BRICS New Development Bank (NDB) President Dilma Rousseff.

He highlighted that the rise in local currency transactions reduces debt service fees, allowing member nations to navigate the current geopolitical landscape more effectively and separate economic development from political influences.

Putin noted that since its inception in 2018, the NDB has funded 100 projects totalling $33 billion, showcasing its growing influence in financing development across member states.

As the current BRICS chair, Russia is eager for Rousseff’s active participation in the upcoming BRICS Summit in Kazan, where she will meet with leaders of member countries and report on NDB operations. Putin expressed admiration for Rousseff’s leadership, calling the NDB a promising financial institution.