RUSSIA: BRICS group of emerging economies will contribute $100 billion to a fighting fund to steady currency markets destabilised by an expected pullback of U.S. monetary stimulus

Record ID: 860617

  • Title: RUSSIA: BRICS group of emerging economies will contribute $100 billion to a fighting fund to steady currency markets destabilised by an expected pullback of U.S. monetary stimulus
  • Date: 5th September 2013
  • Summary: ST. PETERSBURG, RUSSIA (SEPTEMBER 5, 2013) (RUSSIAN POOL) RUSSIAN PRESIDENT VLADIMIR PUTIN GREETING BRAZILIAN PRESIDENT DILMA ROUSSEFF AND WALKING INTO BRICS MEETING BUILDING INDIAN PRIME MINISTER MANMOHAN SINGH GETTING OUT OF CAR AND GREETING PUTIN CHINESE PREMIER XI JINPING GETTING OUT OF CAR, GREETING PUTIN AND WALKING INTO MEETING BUILDING SOUTH AFRICAN PRESIDENT JACOB ZUMA GETTING OUT OF CAR AND GREETING PUTIN BRICS LEADERS GATHERED AROUND TABLE PUTIN AND RUSSIAN FOREIGN MNISTER SERGEI LAVROV TALKING XI TALKING AND SHAKING HANDS PUTIN WELCOMING PARTICIPANTS ZUMA LISTENING ROUSSEFF LISTENING MEETING IN PROGRESS LAVROV READING LEADERS POSING FOR FAMILY PHOTO
  • Embargoed: 20th September 2013 13:00
  • Keywords:
  • Location: Russian Federation
  • City:
  • Country: Russia
  • Topics: International Relations,Economy,Politics
  • Reuters ID: LVA4RDWH1I3G8AJWCWGKDDMCN9GQ
  • Aspect Ratio:
  • Story Text: The BRICS group of emerging economies will contribute $100 billion to a fund to steady currency markets destabilised by an expected pullback of U.S. monetary stimulus, Russian President Vladimir Putin said on Thursday (September 5).
    Putin made the announcement at a meeting of the four powers on the sidelines of the Group of 20 Leaders Summit in St. Petersburg.
    China, holder of the world's largest foreign exchange reserves, will contribute the bulk of the currency pool. But it will be much smaller than the $240 billion originally envisaged and officials said it would not be functional for some time yet.
    Putin said the capital volume of the pool has been agreed at $100 billion. Earlier China's Vice Finance Minister Zhu Guangyao said that Beijing "will take the lion's share of this".
    Both Zhu and Russian Deputy Finance Minister Sergei Storchak said details still needed to be worked out, suggesting that - beyond the announcement - much more work would need to be done on the reserve facility.
    A joint BRICS development bank, with capital of up to $50 billion, is also still months away from realisation amid disagreements over burden sharing and where it should be based.
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