BRICS-founded New Development Bank (NDB) is planning to issue its first Indian rupee bond by October, said Chief Operating Officer Vladimir Kazbekov.
The bank issued its first rand bond in South Africa last week and could consider local currency issuance in members Brazil, Russia and the United Arab Emirates, Reuters quoted Kazbekov saying at a press conference ahead of the BRICS Summit in Johannesburg on August 22-24.
In May, NDB President Dilma Rousseff said the bank will finance more projects in local currencies.
She added that the move will strengthen domestic capital markets and protect borrowers from the risk of currency fluctuations.
The Shanghai-based multilateral development bank has been established by Brazil, Russia, India, China and South Africa.
(Reporting by P Deol; Editing by Anoop Menon)
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