Head of the NDB speaks at the opening of the 8th annual meeting of the financial institution in Shanghai

Dilma Rousseff, former president of Brazil and president of the New Development Bank (NDB), also known as the BRICS bank, spoke at the opening of the 8th annual meeting of the financial institution in Shanghai. In her speech, she reiterated the potential creation of a single currency of the five countries for commercial and financial mutual settlements

"It is still an idea. It needs to be considered," said Rousseff. President Luiz Inacio Lula da Silva spoke of creating a single currency for Mercosur on Monday.

Dilma also stressed that one of her leadership priorities as head of the NDB is to increase the supply of credit in local currencies: "My main mission is to help make the bank stronger. One of the mechanisms to do this is to increase borrowing capacity in all markets, based on all currencies - the dollar, the euro and alternative currencies in local markets."

According to her, the trend towards using local currencies gained strength after the 2008 financial crisis and with the regionalisation of trade. Rousseff added that "the world will move towards digital currency".

On Monday, 29 May, Brazilian President Luiz Inacio Lula da Silva advocated the creation of a common currency for BRICS member countries to reduce dependence on the dollar for commercial and financial transactions.

"My dream is for our countries to have a common currency for use in transactions. My dream is for BRICS to have its own currency, like the euro in the European Union," said Lula at a joint press conference with Venezuelan President Nicolas Maduro, as reported by Brasil 247, a partner of TV BRICS.

Photo: Brasil 247