BRICS to create their own bank to rid themselves of the US dollar

16.03.2013 - Adital

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BRICS to create their own bank to rid themselves of the US dollar
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The countries of the BRICS group (Brazil, Russia, India, China and South Africa) are planning to create their own Development Bank at the end of March with the goal of investing in internal, sustainable infrastructure and development projects without having to resort to the US dollar.

The initial capital for the bank is estimated to be an equivalent of 50 billion US dollars and the BRICS Development Bank is expected to be officially announced at the summit that will take place in South Africa on the 26th and 27th of March.

BRICS are planning to increase the flow of investment given that the need for financing of the organisation’s internal projects could reach 15 trillion dollars in the next two decades.  Likewise, the alliance hopes to reduce its dependence on the world’s main economies, completely eliminating the need to use the US dollar and the Euro in international transactions.

One of the central arguments supporting the creation of the new bank is precisely the reduced level of support to developing countries by the large financial institutions controlled by the USA and the European Union.

Last January, a South African diplomat responsible for organising the alliance’s meeting announced that the members of BRICS are ready to reach an agreement to create a common banking entity.  With this decision, according to some analysts, China is aspiring to expand the use of their national currency, the Yuan; India is trying to attract foreign investment, while Russia is seeking to strengthen her geopolitical influence due to the growth of her economic indices.

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