The BRICS New Development Bank is viewed as a significant catalyst for financial development, with the potential to become a major lender to emerging markets and developing nations. This perspective has circulated through coverage associated with the bank’s leadership and mission, highlighting its role in reshaping global finance beyond traditional dynamics.
Officials have described the bank as a critical instrument for countries seeking greater influence over their own developmental paths. The aim is to build a lending institution that is truly owned and driven by developing economies, focusing on projects that empower member nations to address their unique needs and growth opportunities.
On 22 August, the BRICS Development Bank announced its decision to start lending in local currencies used by participating countries, notably South Africa and Brazil. Advocates for this approach argue that currency diversification reduces exposure to single-system risks and promotes a multipolar financial order that better reflects the realities of global trade and investment.
Marat Berdyev, a senior diplomat with broad regional responsibilities, has noted growing interest among Asian and Pacific economies in new forms of settlement and payment, including the use of national currencies. This trend aligns with broader efforts to diversify reserve assets and enhance monetary autonomy in regional blocs.
Earlier discussions highlighted collaboration between Russia and the Gulf states on pilots for payments in their own currencies. The move toward national-currency settlements is being explored as part of broader strategies to reduce dependence on the U.S. dollar and to foster deeper regional financial integration.