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Opening Remarks by H.E. Mrs. Dilma Rousseff, President of the New Development Bank at NDB 10th Annual Meeting

· Dilma Rousseff, President of the New Development Bank (BRICS) (International)

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· Dilma Rousseff Wiki · New Development Bank (BRICS) WikiOpening Remarks by H.E. Mrs. Dilma Rousseff, President of the New Development Bank at NDB 10th Annual Meeting

ContextOpening remarks at the bank's tenth annual meeting in Rio de Janeiro, before Brazil's President and BRICS finance officials; the New Development Bank funds infrastructure in emerging economies and wants more local-currency lending.

Why it mattersAt its tenth anniversary, the BRICS bank pushes local-currency lending as a way to reduce members' exposure to dollar volatility.

Problems raised
  1. Development banks often impose conditions.
  2. Members are exposed to external volatility.
  3. Domestic capital markets are shallow.
Solutions proposed
  1. Strengthen local currency financing.
  2. Explore bilateral swap arrangements.
  3. Deepen domestic capital markets.
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