Recent Posts and Categories

De-Dollarization: Russia Ratifies $100 Billion BRICS Bank

OWoN: Well now here is Poetic Justice unfolding.

It is real and it is happening, and will have consequences for the Western world. Don't say they did not deserve it.




De-Dollarization: Russia Ratifies $100 Billion BRICS Bank


Zero Hedge
By Tyler Durden
22 February 2015

A BRICS Bank - as an IMF alternative and to enable nations to become less dependent on the global reserve currency - was originally discussed at The BRICS Summit in 2012. Then at the 2014 BRICS Summit, the framework for The BRICS Bank was approved as "a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies." Headquartered in Shanghai and chaired by Russia, this week saw what appears to be the final step in the creation of BRICS New Deverlopment Bank as RT reports, The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa. It is expected to start fully functioning by the end of 2015. Isolated?

As RT reports,

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.

The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.

Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.

It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.

The bank’s board of directors will hold its first meeting in Ufa in Russia in April. Russian Finance Minister Anton Siluanov is likely to become the bank’s first Chairman of the Board of Governors, according to Deputy Finance Minister Sergei Storchak talking on the Russia 24 TV channel.

The decision to establish the BRICS bank, along with a $100 billion reserve currency pool, was made in July 2014. Each of the five member countries is expected to allocate an equal share of the $50 billion startup capital that will be expanded to $100 billion.

The bank will be headquartered in Shanghai, India will serve as the first five-year rotating president, and the first Chairman of the Board of Directors will come from Brazil.



link

1 comment :

  1. Sanctions are useless and are based upon lies:
    Top Ukrainian General Admits: Russian Forces Not in His Nation

    So this begs the questions? Who is really there? As if we don't already know...
    Will American people fall for government’s phony war propaganda?

    ReplyDelete

If your comment violates OWON's Terms of Service or has in the past, then it will NOT be published.

Powered by Blogger.