Banking on BRICS

The fourth BRICS leaders summit in Durban starting today will try to further flesh out the idea of a BRICS bank to fund infrastructure development and other projects within the emerging economies. The previous BRICS summit in New Delhi last year formally adopted a resolution to explore the idea of a BRICS bank. The New Delhi resolution also agreed to create a framework wherein BRICS economies could do trade in local currencies to some extent which could act as a hedge against the future problems that the dollar and the euro might face.

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