Daily Management Review

BRICS Creates an IMF Analogue Worth $ 100 billion


07/07/2015


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.

 






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