The soon-to-be-released bonds launched by BRICS will be called ‘Maharaja Bonds’ and made available for governments, financial institutions, and regular investors.
Interestingly, the BRICS bonds will be available for purchase in local currencies and not the US dollar.
BRICS is advancing in its de-dollarization initiatives by putting roadblocks on the prospects of the US dollar, watcher.guru reported.
The bloc will offer the BRICS bonds for the tune of $28 billion in local currencies, ditching the US 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 US dollar, the report added.