Russian space budget may grow this yearScience & Space May 26, 20:48
Moscow hopes London High Court will deliver judgement on Ukraine’s debt to Russia soonBusiness & Economy May 26, 20:21
Hungarian top diplomat: EU must discuss anti-Russian sanctionsWorld May 26, 19:56
Russian, French top diplomats discuss preparations for Putin’s visit to FranceRussian Politics & Diplomacy May 26, 19:47
Moscow comments on Tallinn’s move to expel Russian diplomatsRussian Politics & Diplomacy May 26, 19:43
WADA: Legendary Isinbayeva suits role of ambassador for clean sports in RussiaSport May 26, 19:33
Russia working on advanced air defense systemMilitary & Defense May 26, 19:17
WADA receives Russia’s new national anti-doping planSport May 26, 19:14
Moldova’s ruling pro-European coalition breaks upWorld May 26, 19:12
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.