Russia to invest $18 billion for currency stabilization of BRICS

Russia to invest $18 billion for currency stabilization of BRICS
April 7, 2015 Vasily Mironov, Rossiyskaya Gazeta
Russia, along with other BRICS nations, will invest money for the establishment of a BRICS contingent reserve arrangement, of $100 billion, which will ensure currency stabilization in the event of sharp economic fluctuations. Russia, which will host the BRICS summit in July, will contribute $18 billion towards this reserve. The CRA is the framework for provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures.

http://in.rbth.com/world/2015/04/07/russia_to_invest_18_billion_for_currency_stabilization_of_brics_42465.html

BRICS bank: Govt starts recruitment process


India has begun the recruitment process for officials for setting up the BRICS bank that is expected to start lending in local currency from next April. While the bank has come into existence from July 2015, pre-establishment activities have to be started to make it operational. For the purpose, a temporary company called the New Development Bank (Shanghai) Preparation and Management, LLC has been set up in Shanghai.

http://indianexpress.com/article/business/business-others/brics-bank-govt-starts-recruitment-process/#sthash.DAB71mlS.dpuf