Vladimír Urbánek (Kurzy.cz)
Markets  |  March 26, 2013 12:01:03

BRIC considering setting up their own institutions at the IMF and World Bank

The largest developing countries associated in the BRIC (Brazil, Russia, India and China) consider the provisions of the new development banking institution that would stand at the World Bank or the IMF. BRIC leaders want the upcoming summit also discuss the possibilities of "pooling" of its foreign reserves.
Establishment of new institutions of this nature should primarily contribute to greater protection of developing economies against the negative effects of high volatility in global financial markets during the various crises and should prevent payment or currency crises within the community.
The BRICs are also no longer dissatisfied with the approach already developed countries to some of the financial aspects of the developing world and to control the above-mentioned "west tuned" institutions.

Foreign exchange reserves of the BRIC countries, the total size of about 4.4 trillion USD. The BRIC countries live full 43% of the global population. The volume of trade between the BRIC countries since 2002 has increased more than tenfold from 27 to 282 mld.USD. By 2015 this figure will rise, according to estimates, up to 500 mld.USD.
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BRIC zvažuje zřízení vlastní instituce na úrovni MMF či Světové banky

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