• Latest
BRICS Bank Offers Bonds Worth $28bn in Local Currency, Ditching U.S. Dollar

BRICS Bank Offers Bonds Worth $28bn in Local Currency, Ditching U.S. Dollar

2 years ago
Criminals Will Never be a Problem Again in Karamoja – Museveni

Criminals Will Never be a Problem Again in Karamoja – Museveni

3 hours ago
Jumia Kicks Off Black Friday 2025 to Celebrate E-Commerce Adoption in Uganda

Jumia Kicks Off Black Friday 2025 to Celebrate E-Commerce Adoption in Uganda

3 hours ago
Museveni Reassures Karamojong Herders on Grazing in Pian Upe Game Reserve

Museveni Reassures Karamojong Herders on Grazing in Pian Upe Game Reserve

3 hours ago
Museveni Urges Nabilatuk Residents to Vote Overwhelmingly for NRM in 2026

Museveni Urges Nabilatuk Residents to Vote Overwhelmingly for NRM in 2026

3 hours ago
Uganda, UAE Ink Key Deals for Smart Cities, Green Energy & Infrastructure

Uganda, UAE Ink Key Deals for Smart Cities, Green Energy & Infrastructure

4 hours ago
Equity Bank, Water.org Partner to Expand Access to Clean Water and Sanitation

Equity Bank, Water.org Partner to Expand Access to Clean Water and Sanitation

4 hours ago
SoftPower News
Thursday, October 30, 2025
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result
Home Business

BRICS Bank Offers Bonds Worth $28bn in Local Currency, Ditching U.S. Dollar

by Our Reporter
January 14, 2024
BRICS Bank Offers Bonds Worth $28bn in Local Currency, Ditching U.S. Dollar
805
VIEWS

The BRICS bank, commonly called the New Development Bank (NDB) is preparing to launch new bonds in the global markets.

The soon-to-be-released bonds launched by BRICS will be called ‘Maharaja Bonds’ and made available for governments, financial institutions, and regular investors.

Related Stories

Criminals Will Never be a Problem Again in Karamoja – Museveni

Jumia Kicks Off Black Friday 2025 to Celebrate E-Commerce Adoption in Uganda

Museveni Reassures Karamojong Herders on Grazing in Pian Upe Game Reserve

Interestingly, the BRICS bonds will be available for purchase in local currencies and not the U.S. dollar. BRICS is advancing in its de-dollarization initiatives by putting roadblocks on the prospects of the U.S. dollar.

The alliance will offer the BRICS bonds for the tune of $28 billion in local currencies, sidelining the U.S. dollar.

The development will strengthen local currencies and give their respective native economies a boost. Investments in local currencies will enter the BRICS bank aiding their motives of a world away from the U.S. dollar.

The New Development Bank is working towards launching the Maharaja Bonds after receiving approval from the regulatory authorities.

Vladimir Kazbekov, the Chief Operating Officer of NDB confirmed that the bank is awaiting approvals from the regulatory body. Read here to know how many sectors in the U.S. will be affected if BRICS stops using the dollar.

In addition, the BRICS bank is raising fresh funds worth $3 billion in local currencies and not the U.S. dollar. Moreover, the funds will be used to provide loans for developing countries to aid their infrastructural projects. The loans will be disbursed to the beneficiary in local currencies ending reliance on the U.S. dollar.

“This will be a medium-term program through which NDB aims to raise resources in local currency up to $3 billion over the next five years. We will use these resources primarily to finance private-sector projects. Regulatory approvals for the maiden NDB bond offering are awaited and will likely be completed soon,” said Kazbekov.

Tags: BRICSlocal currencyNew Development BankSoftPowerSoftPower NewsTop Uganda NewsUganda

Recent Stories

Criminals Will Never be a Problem Again in Karamoja – Museveni

Jumia Kicks Off Black Friday 2025 to Celebrate E-Commerce Adoption in Uganda

Museveni Reassures Karamojong Herders on Grazing in Pian Upe Game Reserve

Museveni Urges Nabilatuk Residents to Vote Overwhelmingly for NRM in 2026

Uganda, UAE Ink Key Deals for Smart Cities, Green Energy & Infrastructure

Equity Bank, Water.org Partner to Expand Access to Clean Water and Sanitation

SoftPower News Logo

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

error: Content is protected
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?