BRICS currency reserves and new Development Bank drafts approved by Russia…(Bye Bye Dollar!!)
Voiceofrussia.com
7 July 2014
Draft agreements on a new Development Bank and a pool of BRICS currency reserves have been approved by the Russian government on Tuesday, reports TASS. The documents are to be signed on July 15,16 during the 6th BRICS (Brazil, Russia, India, China and South Africa) summit that Russian President Vladimir Putin plans to take part in.
The BRICS currency reserve pool agreement envisages “the establishment of the mechanism of eliminating current and short-term problems in the balances of payments of the BRICS member states – Brazil, India, China, Russia and South Africa.”
The Agreement on establishing a new BRICS Development Bank was also approved of by the Russian government, with the document stipulating “the creation of a multilateral financial institution”.
The Development Bank aims to “finance infrastructure projects and sustainable development undertakings in the BRICS member states and developing countries.”
The Agreement also envisages additional members, including developed and developing countries.
On the eve of the BRICS summit that will take place in Brazil’s Fortaleza, July 14, Russia and Brazil are planning to exchange opinions on the prospects of investment, specific trade and humanitarian projects. Coordination issues are to be discussed during the summit itself on July 15,16.
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