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BRICS sign agreement on providing loans in national currencies

The annual meeting of BRICS partners was held on the eve of the summit

NEW DELHI, March 29 (Itar-Tass) — Banks of the BRICS countries have signed a general agreement on providing loans in national currencies.

The summiteers also signed a document on approving guarantee facilities within inter-bank cooperation of the BRICS countries.

Russia was represented by chairman of Vnesheconombank Vladimir Dmitriyev.

According to representatives of financial organisations, involving the China Development Bank, the Export-Import Bank of India, the Brazilian Economic Development Bank and the Development Bank of South Africa, the agreements envisage creating basic mechanisms in order to settle accounts and finance projects in national currencies.

Dmitriyev invited representatives of banks of the BRICS countries to take part in panel discussions within the St Petersburg International Economic Forum in 2012. Then the parties said they sought to realise the principles of sustainable development and develop active cooperation in key economic fields.

The annual meeting of BRICS partners was held on the eve of the summit.

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