A development bank established by the BRICS bloc of nations to reduce reliance on US dollar loans is having trouble finding dollars to repay its own debts, sources told the Wall Street Journal.
Based in Shanghai, the New Development Bank has largely ceased issuing new loans, the report said.
The institution came about eight years ago through the collective effort of the BRICS: Brazil, Russia, India, China, and South Africa.
Read More : China-based Bank Pursuing Global Lending De-Dollarization Faces Challenges in Repaying Dollar Debts