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New Development Bank's head advocates for use of national currencies in mutual settlements

According to Dilma Rousseff, the financial institution that she heads, has committed itself to raising higher volume of funds in local currencies, which she believes will help strengthen multipolarity and polycentricity

ST. PETERSBURG, July 26. /TASS/. President of BRICS New Development Bank Dilma Rousseff supports the idea of raising the global role of national currencies, particularly in using them in mutual settlements in bilateral trade.

"There is no occasion for developing countries not to use local currencies in bilateral trade," head of the bank that was created in 2014 at the initiative of Brazil, Russia, India, China and South Africa, said at a meeting with Russian President Vladimir Putin on the sidelines of the Russia-Africa summit.

According to Rousseff, the financial institution that she heads, has committed itself to raising higher volume of funds in local currencies, which she believes will help strengthen multipolarity and polycentricity.

The second Russia-Africa summit is scheduled to take place in the Russian city of St. Petersburg on July 27-28, with an economic and humanitarian forum to be held concurrently. This time, same as in 2019 when the first such summit was held in Sochi in October, the motto is ‘For Peace, Security, and Development’. Roscongress Foundation is the organizer of the event. TASS is the photo hosting agency and information partner of the summit and the forum, and it also holds the second Russia-Africa media forum.

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