‘ BRICS Leaders Will Sign Framework Agreement to Establish Pool of Reserve Currencies ‘

#AceFinanceNews – BRICS leaders will sign a framework agreement to establish a pool of reserve currencies at the upcoming summit in the Brazilian resort city Fortaleza on July 15-16, Russian Finance Minister Anton Siluanov told journalists.

​“We have agreed that amid the current capital volatility, it is important for our countries to have a kind of mini-IMF,” Siluanov said.

The $100 billion pool would be able to swiftly react to capital flight by providing liquidity in the freely convertible currency through dollar swaps, the Minister added.