BRICS summit in Russia to launch New Development Bank & currency pool
Russia expects to launch the $100-billion BRICS New Development Bank along with a currency reserve pool worth another $100 billion at the July summit in Ufa, said Russian President Vladimir Putin.
“We expect to reach agreement in Ufa on the launch of practical operations of the BRICS Bank and a pool of currency reserves,” Putin said on Thursday at a ceremony to receive the credentials of ambassadors of foreign states, TASS reports.
Putin recalled that the BRICS was created in 2006 under Russia’s initiative, and that the group “has already become an influential factor in world policy and economy.”
“Russia is interested in further intensifying cooperation between the BRICS countries and developing new interaction mechanisms, including in the financial and economic sphere,” he said.
Read More: BRICS summit in Russia to launch New Development Bank & currency pool – Putin — RT Business