BRICS countries ink pact to trade in local currencies

A major outcome of the fourth BRICS summit, which concluded here on Thursday, was the signing of an agreement on providing credit facility in local currencies. This would seek to reduce the demand for fully convertible currencies for trade transactions among BRICS countries — Brazil, Russia, India, China and South Africa. The leaders of these five rapidly emerging economies also agreed to explore ways to establish a development bank for financing projects in these, as well as other developing countries.

Read Full Story>>