Russia will invest $18 billion in reserves BRICS

Russia, together with Brazil, India, China and South Africa will create an international currency reserves that will be used to stabilize the local SLE, in case of their sudden depreciation. This total complexity will be allocated 100 billion. Russia's share in the reserves of the BRICS countries will amount to $ 18 billion.

If one of the countries parties to the agreement there is a shortage of dollar liquidity, the Central Bank member countries of BRICS can give her a dollar tranche. These operations will be largely identical with the loan. In addition, they will not assume to obtain benefits. The exact characteristics will discuss the Central Bank in specialized agreements.

The decision to establish a joint inventory was taken in early July 2014 at the sixth BRICS summit in Brazil. Study of the mechanism involved in the Central banks and Finance ministries of the participating countries of the BRICS.

The bill has been prepared jointly by the foreign Ministry and the Ministry of Finance. To be effective it needs to be approved by the government, passed by the state Duma and the Federation Council and signed by the President, according to "Rossiyskaya Gazeta".

China will contribute to the pool of reserves of 41 billion dollars, Brazil and India similarly to that of Russia, at $ 18 billion. Another 5 billion would make South Africa.

To manage the pool will be the governing Council, the continuing Committee and coordinator whose functions will be scrupulously fulfill the country, which the Chairman of the BRICS. This year the Chairman takes the BRICS Russia. Each nation will have access to shared cash in proportion to the volume of granted funds.

Remember, BRICS is a group of 5 emerging countries. Initially the Association was composed of Brazil, Russia, India and China, and the Soviet Union was called BRIC (the first letters of the participating countries). The actual interaction across the group started in early September 2006. Current name (the BRICS) was used in 2010, after the accession of the Republic of South Africa.

sections: Economics