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BRICS Bank to be created by 2015

June 21, 2013, 13:36 UTC+3
Russian Deputy Finance Minister Sergei Storchak said it would be easier to agree for BRICS central banks than for the finance ministries
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ST PETERSBURG, June 21 (Itar-Tass) - Russian Deputy Finance Minister Sergei Storchak said this is a reasonable term to create the BRICS Bank by 2015.

Speaking at the panel discussion of the St Petersburg International Economic Forum on Friday, Storchak said, “The year 2015 is a reasonable term. By this time we’ll be able to come to agreement on the size of capital and on the amount of paid-up capital.”

“Our expenses will compete with the others for capitalization support to other institutions,” the deputy finance minister said.

Commenting on reserve currencies, Storchak said it would be easier to agree for BRICS central banks than for the finance ministries. “The pool of reserve currencies will be quicker than the development bank,” he added.

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