Russia to Contribute $30Bln to BRICS Reserves Pool – Putin

[ChineseTiger1986]

YALTA, August 14 (RIA Novosti) - Russia is planning to contribute $30 billion to the BRICS reserve funding pool called Contingent Reserve Arrangement (CRA), Russian President Vladimir Putin said Thursday.
“Russia plans to send $30 billion there,” Putin said at a meeting with Russian lawmakers, adding that the move is “to increase macroeconomic stability in our countries.”
The CRA was signed during the sixth summit of the world’s five largest emerging world economies in July. The arrangement is intended to provide a buffer in conditions of capital volatility, overcoming the lack of short-term liquidity and rapidly offsetting fiscal deficits triggered by economic turbulence.
The BRICS emergency reserve pool will total $100 billion. Russia previously announced its contribution would be $18 billion.

Russia to Contribute $30Bln to BRICS Reserves Pool – Putin | Business | RIA Novosti

 

[Chinese-Dragon]

Very nice.

We've still contributed the most though ($41 billion).

 

[ChineseTiger1986]

Very nice.

We've still contributed the most though ($41 billion).

The more that Russia is willing to contribute, the more serious Russia is getting for the BRICS Bank and its reserves pool.

We are very serious to build a new financial system to rival that of the US and the EU, so it is Russia.

 

[gau8av]

thanks Russia, hope this alliance grows and goes from strength to strength and becomes one that can one day truly challenge the gangster western financial systems we have today.

rest assured though, the west will try every dirty trick there is to undermine the BRICS. I hope BRICS/SCO etc countries can sort out their issues in a peaceful manner.. together we stand.

 

[ChineseTiger1986]

thanks Russia, hope this alliance grows and goes from strength to strength and becomes one that can one day truly challenge the gangster western financial systems we have today.

rest assured though, the west will try every dirty trick there is to undermine the BRICS. I hope BRICS/SCO etc countries can sort out their issues in a peaceful manner.. together we stand.

The BRICS was still initially too shy by making its bank only at 100 billion.

So now it is the time to expand it in a rapid manner.

 

[Chinese-Dragon]

The BRICS was still initially too shy by making its bank only at 100 billion.

So now it is the time to expand it in a rapid manner.

Exactly, so we will gradually expand it until it can properly challenge the IMF and World Bank. China alone has more currency reserves than the rest of the world combined, there is no lack of capital.

Organizations like the BRICS bank will help to increase the influence of the Yuan overseas, and thus reduce our vulnerability to US-led dollar-based sanctions.

We should take back Taiwan around the 2020-2025 mark, so we need to move away from the dollar-dominated global financial system as soon as possible. Since it is very likely that America will attempt to sanction us, like they are currently doing to Russia.

All the BRICS have seen America's sanctions on Iran, Syria and now Russia (without even taking a break for pause), and they know they are vulnerable too, in this dollar-dominated global system. So we have a shared interest in boosting the influence of our domestic currencies to challenge the dollar.