BRICS Set Up $100 Billion Pool to Aid Financial Stability
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The BRICS group of nations will create a $100 billion pool of foreign-exchange reserves to help each other weather financial squeezes.
The fund will be an “insurance instrument” for the five nations and goes into effect July 30, Russian central bank Governor Elvira Nabiullina said in Moscow on Tuesday as officials from Brazil, Russia, India, China and South Africa met in Moscow. There are no plans for new members, she said.