Tuesday, March 26, 2013

BRICS Nations Plan New Bank to Bypass World Bank, IMF

http://www.businessweek.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf


The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.

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