Russian Upper House Ratifies BRICS $100Bn Currency Pool – 29 April 2015

RT logoRussia’s upper house of Parliament, the Federation Council has ratified an agreement to establish the $100 billion foreign currency reserve pool for the BRICS group. It is intended to protect national currencies from volatility in global markets.

The currency pool will primarily support the balance of payments of the BRICS member states, according to the deputy head of the Federal Council Committee for Budget and Financial Markets Sergey Ivanov.

“Realization of the agreement will also contribute to the effective protection of the national currencies against the volatility in the world currency markets,” Ivanov said.

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