Daily Management Review

BRICS Creates an IMF Analogue Worth $ 100 billion


BRICS countries (Brazil, Russia, India, China and South Africa) have signed an agreement, which regulates the conditions for mutual support of member countries in the framework of an agreement on conditional pool of foreign exchange reserves. This is stated in the report of the Central Bank.

BRICS Creates an IMF Analogue Worth $ 100 billion
- July 7, 2015 in Moscow, the central banks of Brazil, Russia, India, China and South Africa has signed the operating agreement, regulating the conditions for mutual support of member countries in the framework of an agreement on conditional currency reserves pool of the BRICS countries, - noted in the statement. The volume pool is set at $ 100 billion, where China will invest $ 41 billion, Brazil, India and Russia $ 18 billion, and South Africa $ 5 billion.

It is noted that the agreement details procedures that are performed by the central banks of the BRICS in the pool, as well as identify their rights and obligations.
- The purpose of the pool is the mutual granting by central banks of member BRICS countries the cash in US dollars in case of problems with dollar liquidity. Thus, the creation of the safety mechanism aimed at maintaining financial stability in the Member States, - said in the statement.

As previously reported, the BRICS countries are going create a new development bank. Agreement on the establishment of a bank with starting capital of $ 50 billion to be ratified by the member states before the end of 2015.


Science & Technology

A City Is Can Be Converted To A Living Organism, Showcases China’s Huawei

Workers Would Be Helped To Lift More By These Robotic Vests

British Parliament to assess impact of e-cigarettes

Wind energy will provide 30% of Europe's needs by 2030

A Major Platform For Artificial Intelligence Is Its Mobile Devices: Apple

Rumor: Apple will release a budget version of iPhoneX

With China Set To Dominate, 1 Billion Could Be Using 5G By 2023

Deutsche Telekom unveils next gen 5G mobile antennas in Europe

Diamonds are now the new gold

Expert Body Says Driving In A Driverless Car In An Inebriated Condition Or On Drugs Should Be Legalized

World Politics

World & Politics

Japan demands to lift embargo on food from Fukushima

Bernard Arnault clarifies on Le Monde’s “Paradise Paper” report

South Korea and the U.S. present a united front against the North Korean leadership

Europe is preparing an alternative to NATO

Ten smartest cities in the world

Parties of Germany seek a common ground to create a coalition

Special counsel Robert Mueller’s Russian probe could see its first arrest today

Losing Steam Is North Korea’s Relationship With China – The Former’s Sole Ally