- 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