Russian Airborne Force ex-commander admits possibility of NATO’s attack on eastern flankRussian Politics & Diplomacy February 20, 11:45
Russian MP says Moscow expects cooperation with Trump in war on terrorRussian Politics & Diplomacy February 20, 11:18
Russian manufacturer ready to extend serial production of newest T-90MS tankMilitary & Defense February 20, 10:14
Russia, US should start with minor steps to restore ties — US expertWorld February 20, 8:38
Vitaly Saveliev: Aeroflot out in the openBusiness & Economy February 20, 8:00
Ambassador says Qatar interested in joining Astana talks on SyriaRussian Politics & Diplomacy February 20, 7:30
Russia’s Dmitriev takes gold in sprint at 2017 UCI Track Cycling World Cup in ColombiaSport February 20, 3:40
Lenin Moreno leads after 1st round of presidential election in Ecuador — exit pollsWorld February 20, 2:31
Emelianenko-Mitrione bout postponed due to American’s illnessSport February 19, 4:06
MOSCOW, March 5. /TASS/. The Russian Finance Ministry will introduce in the State Duma (the lower house of Russia's parliament) a package of agreements on creation of BRICS Pool of Conventional Currency Reserves in the closest time, Deputy Finance Minister Sergey Storchak said Thursday.
"At these days we will introduce a package of documents concerning the agreement to set up the Pool of Currency Reserves," he said, adding that in February the Duma ratified a package of agreements on creation of the New Development Bank BRICS.
Speaking about the possibility of Russia to turn for financial aid from the BRICKS Pool of Currency Reserves due to the sharp devaluation of the Ruble, Storchak said that the Russian Central Bank will be looking into the matter. However, a special agreement on cooperation in this field will be signed by the Finance Ministry and the Bank of Russia, he added.
The agreement on creation of BRICS Pool of Conventional Currency Reserves was signed in July 2014 in Fortaleza, Australia.
The agreement stipulates financial aid to BRICS member states. This aid may be provided by efficiently providing liquidity to the country in need by other members of the pool.
Difficulties with the country’s balance of payments, which may be presented by a sharp drop in the national currency, lack of short-term liquidity and other financial problems, will serve as rationale.
The initial volume of the Pool of Currency Reserves will total $100 bln, with Russian share at $18 bln. The pool is conventional, which means that the reserve funds of the member states are not used until a joint decision to accede to the request is made.