BRICS development bank HQ in Shanghai and India will hold the presidency

Thursday, July 17th 2014 - 07:27 UTC

Full article 5 comments

The first president of the BRICS group New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa, said a joint statement from the leaders said. Read full article

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ChrisR
Sounds like a real Mickey Mouse under funded operation to me.

U$D 50 Bn actual money, U$D 100 Bn 'reserves' fund? TMBOA already has her eye on that pocket money.

Competition for the WB and the IMF, they're having a Laff.
Jul 17th, 2014 - 11:24 am - Link - Report abuse 0
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Condorito
Should the reserves not be quoted in $BRIC dollars rather than USD?
Jul 17th, 2014 - 06:16 pm - Link - Report abuse 0
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Troy Tempest
2

Good point !

=)
Jul 17th, 2014 - 07:05 pm - Link - Report abuse 0
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ChrisR
@ 2 Condorito
“We the BRICS and some other hydrocarbon producing countries, like Iran and Venezuela – others may join in the future – have decided as of tomorrow – January 1, 2014 – to introduce two new economic measures. First, the BRICS and Iran and Venezuela will launch a new currency, called the Bricso. The Bricso will, at least initially, be a virtual currency; similar to what the Euro was in its initial years of existence and currently the Sucre in the South American trading community of ALBA. The backbone of the Bricso is a basket of moneys of the BRICS and those of Iran and Venezuela. The individual country currencies will be weighed according to their respective economic strength – similar to the Special Drawing Rights – SDR – of the IMF. The initial basket of Seven, does not impede that later other countries, trading partners of the BRICS, may join the Bricso.”

In the absence of ANY idea by the members of the BRIC as to what the value of this laughingly called 'currency' is, it would be prudent to use U$D.

If I ever live long enough to be proven mistaken I will, of course, apologise. :o)
Jul 17th, 2014 - 10:08 pm - Link - Report abuse 0
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ilsen
@4
Bank of the South anybody? Inspired bt Chavez, TMBOA promised $4 billion in start-up costs. Never happened.

A legal entity since 2009.
Still no actual cash. Last I heard it was in hibernation.

Having a laff? I think they have an ATM for that! Not much else tho!
Jul 20th, 2014 - 02:21 am - Link - Report abuse 0
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