World Economy

BRICS Bank Directors

BRICS Bank DirectorsBRICS Bank Directors

Brazil, Russia, India, China and South Africa have agreed to set up a temporary board of directors for their joint BRICS Development Bank. “They [BRICS leaders] ordered their finance ministers to appoint the heads and deputy heads of the new Development Bank well ahead of the next BRICS summit in Russia,” the countries said in a joint statement at the G20 summit in Australia, RT reported. In July, BRICS member states signed a document to create the $100b Development Bank, as well as a reserve currency pool worth another $10, that will counter the influence of Western-based lending institutions and the dollar.