Brave new BRICS a challenge to international system
July 16, 2014
By Sreeram Chaulia
The group of emerging economies signed the long-anticipated document to create the
$100 bn BRICS Development Bank and
a reserve currency poolworth over another $100 bn.
Both will counter the influence of Western-based lending institutions and the dollar.
The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size…
The big launch of the BRICS bank is seen as a first step to break the dominance of the US dollar in global trade, as well as dollar-backed institutions such as the International Monetary Fund (IMF) and the World Bank, both US-based institutions BRICS countries have little influence within…
Russia, Brazil, India, China and South Africa account for 11 percent of global capital investment, and trade turnover…
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