BRICS Bank: Saudi Arabia Looking to Fund the Alliance
The BRICS bank, commonly named ‘The New Development Bank’ may soon receive funding from Saudi Arabia, reported the Financial Times. The Middle Eastern nation is looking to join the BRICS alliance and has formally sent its application to enter the bloc. Saudi Arabia is now in talks with the China-based BRICS bank, to raise funds and strengthen its financial ties. The move aimed to reduce U.S. dollar dependency and support the yet-to-be-released BRICS currency. Also Read: What Happens to the U.S. Dollar if BRICS Launch New Currency? JUST IN: Saudi Arabia in talks to join China-based "BRICS bank." — Watcher.Guru (@WatcherGuru) May 28, 2023 The talks come at a time when Saudi Arabia became the ninth country to formally apply for BRICS membership. The bank will hold its annual meeting on Tuesday and Wednesday and decide on the funding. The development could challenge the U.S. dollar’s status as the global reserve currency if Saudi funds billions to the BRICS b...