BRICS Bank Focused on New Members, Local Currency

Joshua Ramos
Source: Reuters

In a new interview, BRICS’ New Development Bank’s Vice President and CFO, Leslie Maasdorp, says it remains focused on adding new members and local currency development. Indeed, Maasdorp states that the bank is expected to meet in the next month. Specifically, it will seek more members, after recently adding the UAE, Bangladesh, and Egypt.

The BRICS economic bloc is also set to implement expansion efforts in the coming months. The upcoming annual summit is likely to be the setting for expansionary guidelines to be set in stone. From there, a host of countries already submitting requests to join should be aware of their eligibility.

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Source: CNBC

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BRICS Bank Focused on Expansion in Coming Months

The next few months are set to be some of the most important for the BRICS bloc. With the annual summit arriving in August, the alliance will discuss alternative currency plans and its expansionary efforts. Moreover, the developments will add to what has already been a tremendous year of growth for the collective.

Now, BRICS’ New Development Bank is reportedly already focused on adding new members and local currency development. Specifically, the bank’s CFO and Vice President had discussed the two priorities of the development bank ahead of a meeting to take place at the end of July.

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“So we are now going through a rapid growth phase in terms of membership expansion,” Maasdorp told the Economic Times. Additionally, he states that the “original idea of the founders was to create a new institution that would be an additional voice in the global financial architecture because it is evident that the developed world’s G-7 countries are the biggest players and controlling powers.”

“We want to be part of every conversation, whether it’s about climate change, whether it’s about how to deal with the biggest global challenges that we face today. We have to be a central part of that conversation,” Maasdorp added. The process of expansion will also infuse the bank with funds to continue to support its initiatives.