Single capital market could be created within BRICS in 5 years - Russian Central Bank official

BEIJING, April 19. /TASS/. The single capital market could be created within the BRICS nations (Brazil, Russia, India, China and South Africa) five years from now, Russia’s Central Bank First Deputy Chairman Sergey Shvetsov told TASS Tuesday. "We realize that it’s better to use international standards, which could be backed by both Chinese and Russian investors as well as other investors, including those from BRICS member-states. Our target is to unify the regulation concerning operations, information disclosure, bookkeeping. This will enable us to provide a wide scope of participants with access to the stock market. This idea initially proposed by Brazil, is very interesting, to create a single capital market for BRICS states, similar to what the European Union is now doing," he said. According to Shvetsov, despite the fact that the EU started creating a single market many years ago and it is no easy task to implement such projects, the world already has financial standards, which makes s process like that easier than in previous times. "I think five years are enough, We also plan to attract the New Development Bank (BRICS Bank) for searching the best form of cooperation," Shvetsov added. Read more