BRICS Hail $100 Billion Reserves Pool as Leaders Meet in Russia

The BRICS group of nations, which represent more than a fifth of the global economy, talked up closer financial ties on the eve of a summit in Russia hosted by President Vladimir Putin.

BRICS finance ministers and central bankers, meeting Tuesday in Moscow, stepped up work on a development bank and finalized a $100 billion pool of foreign reserves to help one another out of liquidity binds. The leaders of Brazil, Russia, China, India and South Africa meet July 8-9 in the city of Ufa. They “believe the time is ripe to create their own financial institutions,” Kremlin foreign-policy aide Yuri Ushakov said.