2023 BRICS Summit | No intention to change BRICS Bank currency

JOHANNESBURG - The BRICS Bank is not competing with existing financial institutions but complementing them.

That's according to BRICS Bank Vice-President, Leslie Maasdorp.

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He says there's no intention of changing the BRICS Bank currency.

"The intention was never there from day one to create a rivalry institution as such," Maasdorp said.

"The second key point to make is that the reason why the multilateral banks are so important is because we're able to raise funding much cheaper than what our countries can because we are so much more creditworthy. "