The Russian Finance Ministry will introduce in Duma package of agreements on creation of BRICS Pool

MOSCOW, March 5. /TASS/. The Russian Finance Ministry will introduce in the State Duma (the lower house of Russia's parliament) a package of agreements on creation of BRICS Pool of Conventional Currency Reserves in the closest time, Deputy Finance Minister Sergey Storchak said Thursday. "At these days we will introduce a package of documents concerning the agreement to set up the Pool of Currency Reserves," he said, adding that in February the Duma ratified a package of agreements on creation of the New Development Bank BRICS. Speaking about the possibility of Russia to turn for financial aid from the BRICKS Pool of Currency Reserves due to the sharp devaluation of the Ruble, Storchak said that the Russian Central Bank will be looking into the matter. However, a special agreement on cooperation in this field will be signed by the Finance Ministry and the Bank of Russia, he added. The agreement on creation of BRICS Pool of Conventional Currency Reserves was signed in July 2014 in Fortaleza, Australia. The agreement stipulates financial aid to BRICS member states. This aid may be provided by efficiently providing liquidity to the country in need by other members of the pool. Difficulties with the country’s balance of payments, which may be presented by a sharp drop in the national currency, lack of short-term liquidity and other financial problems, will serve as rationale. The initial volume of the Pool of Currency Reserves will total $100 bln, with Russian share at $18 bln. The pool is conventional, which means that the reserve funds of the member states are not used until a joint decision to accede to the request is made. Read more