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BRICS nations agrees to create $100 bn forex pool

BRICS  

The 5-nation BRICS group today signed an agreement to create a USD 100 billion pool of foreign- exchange reserves to help each other "in case of any problems with dollar liquidity", with India chipping in USD 18 billion.

India's contribution of USD 18 billion to the Pool will be same as that of Brazil and Russia. China would put in the maximum of USD 41 billion, while South Africa would chip in USD 5 billion.

The central banks of Brazil, Russia, India, China and South Africa have signed Operational Agreement on July 7, 2015 in Moscow. The Agreement outlines the terms of mutual support for member states in the framework of the Agreement on BRICS Pool of Conventional Currency Reserves," the Russian Central Bank said in a statement.