Russian Federal Council ratifies agreement on creating pool of conditional currency reserves for BRICS worth $100 bln

MOSCOW, April 29. /TASS/. The agreement of creating a pool of conditional currency reserves for BRICS countries worth $100 bln was ratified by the Russian Councol of the Federation (upper house of Parliament) on Wednesday. China as the biggest BRICS economy contributes the most - $41 bln, South Africa’s contribution is the smallest - $5 bln. Brazil, India and Russia contribute $18 bln each. According to the agreement, central banks of the BRICS member states may support a partner country in need of dollar liquidity under conditions of urgency, payment of interest and recoverability. Exact parameters of such operations will be documented in a particular agreement between central banks. First Deputy Chairperson of the Council of the Federation Committee on Foreign Affairs Vladimir Dzhabarov views the creation of a financial reserve for the BRICS countries as an attempt to get rid of the western dictate. "The creation of a pool of conditional currency reserves will help meet the sanctions pressure. As for small volume of funds this is just the beginning, the pool will be filled with bigger volumes as it is being established," he said. Read more