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BRICS Credit: Local currencies to replace dollar
Thursday April 14, 2011 12:58:22 PM,
Sarwar Kashani, IANS
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Sanya (China): Brazil, Russia, India, China and South Africa - the BRICS group of
fastest growing economies - Thursday signed an agreement to use
their own currencies instead of the predominant US dollar in
issuing credit or grants to each other.
The agreement, the first-of-its-kind, was signed at the 3rd BRICS
summit here attended by Indian Prime Minister Manmohan Singh,
China's Hu Jintao, Brazil's Dilma Rousseff, Russia's Dmitry
Medvedev and South Africa's Jacob Zuma.
"Our designated banks have signed a framework agreement on
financial cooperation which envisages grant of credit in local
currencies and cooperation in capital markets and other financial
services," Manmohan Singh told reporters at a news conference with
other BRICS leaders.
But the agreement is confined to credit and not trade. BRICS
economies hold 40 percent of the world's currency reserves, the
majority of which is still in US dollars.
The BRICS summit is being held in the coastal city of Sanya in
China's Hainan island.
The joint presser was held after the leaders held deliberations on
the international situation, and financial, development, climate
and security issues.
Manmohan Singh said: "We have had very fruitful discussions. We
have reviewed the international situation, discussed international
economic, financial and trade issues, the challenges of
sustainable development, food security, energy security and
climate change."
The grouping is significant because it is expected to have a
healthy global presence in the future as the member-countries are
the fastest growing economies and are projected to contribute 48
percent to the global economy in the next decade.
At present they account for 40 percent of the world's population
and 20 percent of the global Gross Domestic Product (GDP).
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