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Russia to make allocations for BRICS currency reserve pool

September 05, 2013, 16:46 UTC+3
Putin said establishment of a BRICS bank of development was an important economic achievement of the group
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Photo ITAR-TASS/Alexei Nikolsky

Photo ITAR-TASS/Alexei Nikolsky

STRELNA, ST. PETERSBURG, September 5 (Itar-Tass) - Russia will make allocations for the BRICS pool of currency reserves, Russian President Vladimir Putin said, opening a meeting with leaders of Brazil, India, China and South Africa alongside the G20 summit in Strelna, St. Petersburg, on Thursday.

“The initiative to create a BRICS pool of currency reserves is about to be fulfilled,” he noted. “Its capital of $100 billion was agreed upon. Russia also makes a contribution in this pool,” the Russian leader said.

“I am sure that its launch will promote additional stabilization of global financial markets,” Putin noted.

Putin said establishment of a BRICS bank of development was an important economic achievement of the group. “The initial charter capital of the bank makes $50 billion,” the president said.

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