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BRICS Bank to be created by 2015

Russian Deputy Finance Minister Sergei Storchak said it would be easier to agree for BRICS central banks than for the finance ministries

Photo ITAR-TASS

Photo ITAR-TASS

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.

Meanwhile, the participants in the debates at the St Petersburg International Economic Forum express opposing views on prospects for creating the BRICS bank.

Indian Minister of Commerce and Industry Anand Sharma said it was too early to talk about the BRICS bank. The bank is designed not to set up one more international institution. The bank is indispensable to develop cooperation, the Indian minister said.

China Investment Corporation President Gao Xiqing called for the soonest creation of the BRICS bank. “The bank can turn out to be efficient if we make it to work. None suffers from its creation. Positive results can be yielded,” Gao Xiqing said.

The discussions proved that the priority direction of interaction between the BRICS countries was to reduce the dependence on the dollar and the euro in mutual trade.

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