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BRICS set up forex fund

The BRICS group has concluded an agreement to create a $100 billion pool of forex reserves to help each other ‘in case of any problems with dollar liquidity’. India has brought in $18 billion to this fund, as also Brazil and Russia. China has put in $41 billion and South Africa $5 billion. The fund will act as an insurance instrument that members nations could draw on if they experience problems with their balance of payments. It will come into force on 30 July. According to a statement by the Russian central bank, the Pool is tasked to ensure mutual provision of US dollars by the central banks of BRICS members in case of any problems with dollar liquidity. Thus, this new insurance network is designed to maintain financial stability of its member states.

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