BRICS Bank ‘Very Likely’ to Issue Bonds in Russian Ruble Before End of 2016

ST PETERSBURG (Sputnik) – The BRICS New Development Bank (NDB) is very likely to issue first bonds denominated in Russian rubles later in 2016, Kundapur Vaman Kamath, the President of the New Development Bank (NDB), told Sputnik on Friday

Earlier in June, NDB officials said the bank would issue first yuan-denominated bonds, and was considering the release in Indian Rupee.

“Absolutely, it will happen indeed. We may agree on the first ruble-issue hopefully later this year. It is possible. It is too early to say how big these bonds can be. But in the last two days I understood that there is a clear opportunity for that, and I think we will arrive at it soon,” Kamath said on the sidelines of the St. Petersburg International Economic Forum (SPIEF) when asked whether the NDB was also considering issuing ruble-denominated bonds.

The NDB was established by BRICS member states, namely Brazil, Russia, India, China and South Africa, in July 2014, to finance infrastructure and sustainable development projects in BRICS and other developing countries.

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