Home / Ministries / Finance / India to add $18 billion to BRICS’ $100-billion foreign exchange reserves pool

India to add $18 billion to BRICS’ $100-billion foreign exchange reserves pool

News:

  • India will contribute $18 billion to the $100 billion foreign-exchange reserves pool that is being set up BRICS grouping to help each other “in case of any problems with dollar liquidity”.
  • BRICS have signed an agreement to set up the $100 billion pool, with maximum $41 billion coming from China.
  • India’s contribution of $18 billion to the Pool will be same as that of Brazil and Russia, while South Africa would chip in $5 billion.
  • The central banks of BRICS have signed Operational Agreement on July 7, 2015 in Moscow.
  • The Pool will go into force on July 30.
  • The pool could look at the possibility of starting credit facility in local currency by the BRICS Bank.
  • The first head of the Bank is noted Indian banker K V Kamath.

Source:The Economic Times

Check Also

Varishtha Pension Bima Yojana: 8% Assured returns for senior citizens

The Varishtha Pension Bima Yojana 2017, a pension scheme for senior citizens, was approved by ...

Leave a Reply

Your email address will not be published. Required fields are marked *