The New Development Bank (NDB), established by the BRICS countries, has the potential to become a significant force in the global economic landscape, according to Andrey Belyaninov, Secretary General of the Eurasian Peoples’ Assembly.
Speaking at the BRICS International Financial and Economic Forum, held from May 27 to 28 in Moscow, Belyaninov emphasised the transformative role the NDB could play in the financial market.
“The BRICS Bank could become more proactive as a player in the financial market,” he stated. “This isn’t just about the new currencies on the market; we’re discussing settlements in national currencies. I believe that 21st-century investment banks should evolve beyond purely investment-focused operations.”
BRICS has increasingly focused on “de-dollarisation”—reducing reliance on the US dollar in global trade and finance. This movement reflects a broader strategy to enhance economic sovereignty and mitigate the vulnerabilities associated with dollar dominance.
The New Development Bank plays a crucial role in this effort by promoting the use of national currencies in international transactions. Settlements in local currencies among BRICS nations aim to reduce exchange rate risks and dependency on the US dollar, fostering a more balanced global economic system.
Recent geopolitical tensions and economic sanctions have accelerated BRICS’s push towards de-dollarisation. For instance, Russia and China have increased bilateral trade settlements in rubles and yuan, while India has explored similar arrangements with its BRICS partners. This shift not only strengthens economic ties within BRICS but also sets a precedent for other emerging economies.
Talks have also begun around a single BRICS currency. Despite reports that this effort is facing many obstacles, South Africa’s Ambassador to China, Siyabonga Cyprian Cwele, said recently BRICS is progressing on establishing a common currency while encouraging the use of member states’ local currencies to mitigate the risks of relying solely on the US dollar.
Also speaking at the forum, Viktor Zvagelsky, Deputy Chairman of the Russian-Chinese Committee of Friendship, Peace, and Development, highlighted the shifting global dynamics, noting the growing influence of BRICS countries in both political and economic spheres.
“We observe that BRICS countries, whether current members or those aspiring to join, are set to play a major role on the global stage in politics and economics,” Zvagelsky remarked. “With each passing year, the significance of BRICS continues to grow.”
Organisers describe the BRICS International Financial and Economic Forum as the largest international BRICS forum in terms of participation. The event welcomed 700 guests from 10 countries. It was organised by the Public Diplomacy Association, the International Organisation for Cooperation and Trade, the International Global Monitoring Aerospace System, the Let’s Do Good platform, and the Unscripted Investment Club.
This year’s forum attracted a diverse array of attendees, including government officials, financial experts, and business leaders.
Read more:
