All news related to BRICS

New Development Bank not to compete with IMF, Brazil’s Rousseff says

10.07.2015 16:42

New Development Bank not to compete with IMF, Brazil’s Rousseff says

YEREVAN, July 10. / ARKA /. BRICS (Brazil, Russia, India, China and South Africa) is not aimed against any organization, and the New Development Bank they have created is not going to compete with the IMF, President of Brazil, Dilma Rousseff, said today, according to RIA Novosti news agency.

The New Development Bank (NDB), set up by five BRICS nations is expected to start lending in local currency by April next year and member countries will primarily be the focus of credit facility, its chief K V Kamath of India said today in the Russian city of Ufa, the venue of a BRICS summit.
He said a decision to open membership for other countries will be taken in the next few months by the bank's Board of Governors.

"I think we will start lending process sometimes early first quarter next year (April)...The idea is that by April next year, we will create a state of projects from all the member countries (for lending)," Kamath said according to news reports.

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BRICS central banks interested in Greece’s participation in projects with new bank of development

17.06.2015 18:29

BRICS central banks interested in Greece’s participation in projects with new bank of development

BRICS countries have begun consultations on creating a multi-lateral payment system similar to SWIFT, Russian Deputy Foreign Minister Sergey Ryabkov told RIA Novosti in an interview

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BRICS EYE forex reserves pool of up to $240 billion

12.11.2012 15:33

BRICS EYE forex reserves pool of up to $240 billion

Leading emerging market countries are discussing pooling up to $240 billion in foreign exchange reserves to protect themselves from short-term liquidity pressures

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