BRICS Bank Aims to Increase Local-Currency Borrowing to 30%

New Development Bank, the multilateral lender founded by the BRICS group of emerging-market countries, aims to increase the share of funding it raises in local currencies to 30% from less than 20%, according to its chief financial officer.

“We will increase the use of local currencies,” CFO Leslie Maasdorp told Bloomberg on the sidelines of the BRICS meetings in Johannesburg on Wednesday. “It does not mean we are de-dollarizing or moving away from the dollar. It just means that we are raising more local-currency financing.”

NDB expects to become a regular issuer in South Africa after its inaugural sale ...