Diplomat calls US’ allegations about isolation of Russia in UN 'strange'Russian Politics & Diplomacy April 28, 20:58
Experts say Russian hackers strongly demonized in USRussian Politics & Diplomacy April 28, 20:35
Ferrari drivers clock best time in Practice Two of Russia F1 GP in SochiSport April 28, 19:54
Red Bull’s advisor Marko says Kvyat to possibly remain with Toro Rosso next yearSport April 28, 19:16
Pope Francis blesses pregnant TASS correspondent en route to EgyptWorld April 28, 18:55
Russian diplomat says use of military force against North Korean unacceptable, dangerousRussian Politics & Diplomacy April 28, 18:45
UN chief calls for lowering risk of miscalculation concerning North Korea issueWorld April 28, 18:15
Moscow deeply regrets Montenegro’s decision to join NATORussian Politics & Diplomacy April 28, 18:07
Maria Sharapova reaches Porsche Grand Prix semifinalsSport April 28, 17:50
MOSCOW, July 7. /TASS/. The Chiefs of BRICS Central Banks have signed an operating agreement on the currency reserve pool, according to a statement by Russia’s Central Bank.
BRICS countries are Brazil, Russia, India, China and South Africa.
The signing ceremony took place in Moscow after the meeting of the Finance Ministers and Chiefs heads of the Central Banks of BRICS which precedes the summit of the organization in Ufa.
The operating agreement contains a detailed description of the procedures which are carried out by the central banks of BRICS states within the currency reserve pool, defines their rights and duties.
The total amount of the currency reserve pool is $100 bln. The countries’ commitments are as follows: China — $41 bln, Brazil — $18 bln, Russia — $18 bln, India — $18 bln, South Africa — $5 bln.
The representatives of BRICS signed an agreement on establishing a currency reserve pool in Brazil on July 15, 2014. The official name of the agreement and the pool is contingent reserve arrangement (CRA).
The idea of the pool is to give the member-states an opportunity to provide each other financial assistance in case one of the states has problems with dollar liquidity.
The pool is an insurance system aimed at maintaining financial stability in the member-states of BRICS.