(Source: RT) – Russian President Vladimir Putin has ratified a deal to establish a $100 billion foreign currency reserve pool for the BRICS group. The pool’s purpose is to protect national currencies from volatility in global markets.
The document was “to ratify the treaty on the establishment of a pool of foreign exchange reserves of the BRICS.”
On Wednesday the deal was ratified by Russia’s upper house of Parliament, the Federation Council. According to the deputy head of the Federal Council Committee for Budget and Financial Markets, Sergey Ivanov, the currency pool will primarily support the balance of payments of the BRICS member states. – Read More – RT