BRICS leaders will sign a framework agreement to establish a pool of reserve currencies at the upcoming summit July 15-16
Investmentwatchblog.com
July 13th, 2014
MOSCOW, July 09. /ITAR-TASS/. BRICS leaders will sign a framework agreement to establish a pool of reserve currencies at the upcoming summit in the Brazilian resort city Fortaleza on July 15-16, Russian Finance Minister Anton Siluanov told journalists.
“We have agreed that amid the current capital volatility, it is important for our countries to have a kind of mini-IMF,” Siluanov said. The $100 billion pool would be able to swiftly react to capital flight by providing liquidity in the freely convertible currency through dollar swaps, the Minister added.
The pool will be distributed among the countries with China’s $41 billion, Brazil, India and Russia holding $18 billion each and South Africa with $5 billion. The funds will be provided according to a multiple. China’s multiple is 0.5, which means that if needed, the country will get half of $41 billion. The multiple is 2 for South Africa and 1 for the rest.
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http://en.itar-tass.com/economy/739647
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