Russian Head of General Staff Gerasimov hands award weapon to Syrian generalMilitary & Defense August 19, 9:10
German politician says Crimea should to be recognized as part of RussiaWorld August 19, 6:22
Russian Emergencies Ministry carries out over 430 humanitarian missions abroad since 1993Society & Culture August 19, 6:18
Olympic diving champion Zakharov to carry Russia’s flag at opening ceremony of UniversiadeSport August 19, 4:11
New defense attorney to be appointed in former Ukrainian president’s high treason caseWorld August 19, 4:04
Mayor says Izmir International Fair homage to memory of late Russian ambassadorWorld August 19, 3:59
Putin, Medvedev emphasize need to restore cultural facilities in CrimeaSociety & Culture August 19, 3:43
El Pais: all four suspects in Barcelona terror attack shot deadWorld August 19, 3:36
Foreign Ministry speaker Zakharova very passionate about her dollhouseRussian Politics & Diplomacy August 18, 23:01
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.