'BRICS agree on bank's structure'
Russian Deputy Finance Minister Sergei Storchak. Moscow/Brasilia - The BRICS bloc of large, emerging economies has agreed on the structure of a proposed development bank with $50 billion in capital, but ironing out “difficult” details may take months, Russian Deputy Finance Minister Sergei Storchak said. Officials from Brazil, China, India, Russia and South Africa agreed in early August that the bank's capital should come from three payment categories, including subscriptions, Storchak told journalists in remarks for publication on Monday.
On Friday, India said it was seeking support from other emerging economies for coordinated intervention in offshore foreign exchange. India's currency has shed a fifth of its value against the dollar in the past three months.... Read the full, comprehensive news article and discuss at Cape ArgusSimilar Stories