BRICS Bank Aims to Increase Local-Currency Borrowing to 30%
- Dollar funding will continue to dominate, CFO Maasdorp says
But the majority of the bank’s funding — about 70% — will continue to be denominated in dollars, he said.
“The bank’s capital is in US dollars. Our reporting currency is US dollars. So the dollar is hot-coded in the DNA of the bank,” he said.
No shot. Everyone’s dragging their feet about de-dollarization at BRICS. My biggest disappointment of 2023, after all the encouraging talks about doing it during the 2022 summit.