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BRICS Countries To Set Up Own IMF

By on April 14, 2014
BRICS Countries

Russia and China have been working hard to end the dollar’s status as the world’s reserve currency. They are now one step closer to that goal by joining with all the BRICS Countries to set up their own IMF. Here is an an excerpt:

The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the International Monetary Fund and the World Bank, which are dominated by the U.S. and the EU. A currency reserve pool, as a replacement for the IMF, and a BRICS development bank, as a replacement for the World Bank, will begin operating as soon as in 2015, Russian Ambassador at Large Vadim Lukov has said.

You can read more here… http://rbth.com/business/2014/04/14/brics_countries_to_set_up_their_own_imf_35891.html

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