$100bn BRICS foreign currency reserve pool ratified by Russia’s Upper House

Russia’s Federation Council has ratified the establishment of  a $100bn BRICS foreign currency reserve pool aimed at protecting national currencies from volatility in the global markets. China is to contribute $41bn to the pool, Russia, Brazil and India $18bn each, and South Africa $5bn. The fund will be supervised by a managing council, a permanent committee and a coordinator from the country that holds the rotating presidency.

Source: rt