$100bn BRICS monetary fund to be operational in 30 days

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$100bn BRICS monetary fund to be operational in 30 days

Postby st louis steve on Thu Jul 02, 2015 5:32 pm

The $100 billion BRICS Contingency Fund, that leaders from Brazil, Russia, India, China and South Africa had approved last year to combat currency crises, will be operational in 30 days, the Brazilian Foreign Ministry said on Tuesday.


Lawmakers from all five countries have now ratified their participation in the agreement.

China will provide the bulk of the funding with $41 billion, Brazil, Russia and India with $18 billion each, and South Africa with $5 billion.

“The agreement aims to provide temporary resources to BRICS members facing pressure in their balance of payments. This instrument will contribute to promoting international financial stability, as it will complement the current global network of financial protection,” the Brazilian Foreign Ministry said in a statement.

“It will also reinforce the world’s economic and financial agents’ trust and mitigate the risk of contagion from eventual shocks which may come to affect the economies of the bloc,” it said.

Last year, during its sixth summit in Brazil, BRICS announced the creation of the BRICS Development Bank and of the BRICS Contingency Reserve Arrangement (CRA).

“The establishment of a self-managed contingent reserve arrangement would have a positive precautionary effect, help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability,” South African President Jacob Zuma said earlier.

The CRA is meant to provide an alternative to International Monetary Fund’s emergency lending. In the CRA, emergency loans of up to 30 per cent of a member nation’s contribution will be decided by a simple majority. Bigger loans will require the consent of all CRA members. http://thebricspost.com/100bn-brics-mon ... ZXKZkko4cC
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Re: $100bn BRICS monetary fund to be operational in 30 days

Postby BeTheMoon on Sat Jul 04, 2015 12:15 am

I think BRICS has the best potential (so far) to compete with the USD.
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Re: $100bn BRICS monetary fund to be operational in 30 days

Postby GodsStudent on Sun Jul 05, 2015 7:27 pm

BeTheMoon wrote:I think BRICS has the best potential (so far) to compete with the USD.


compete....hum.....You've always been so "conservative" BTM..... :mrgreen:
I'm thinking more along the lines of stamp out.....but you know we've been watching this for a long time together....you being the ?well advised accounting man? and me having stayed at a holiday inn at some point in my life....I've always leaned to your greater understanding...and so far you've been right......
maybe I am a pessimist? :lol:
but I'm sticking with my concern.....stamp out it is. :mrgreen:
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Re: $100bn BRICS monetary fund to be operational in 30 days

Postby BeTheMoon on Mon Jul 06, 2015 12:11 am

:mrgreen:

Maybe I should say "compete" and eventually "stamp out." Kind of like the US women's soccer team and Japan. :wink:
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Re: $100bn BRICS monetary fund to be operational in 30 days

Postby GodsStudent on Mon Jul 06, 2015 7:20 am

:lol:
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Re: $100bn BRICS monetary fund to be operational in 30 days

Postby Abiding in His Word on Mon Jul 06, 2015 8:35 am

BeTheMoon wrote:Maybe I should say "compete" and eventually "stamp out." Kind of like the US women's soccer team and Japan.


That was the game to beat all games, wasn't it? A hat trick within 16 minutes?? :cheer:

:award:
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Re: $100bn BRICS monetary fund to be operational in 30 days

Postby BeTheMoon on Mon Jul 06, 2015 6:40 pm

:banana:

That game was awesome!

:banana:
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