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BRICS, pool of currency reserves may stabilize national markets of capital - Putin

Creation of the BRICS countries' development bank and a pool of reserve currencies may help stabilize the national markets of capital in the context of a world economic crisis, Russian President Vladimir Putin said at a meeting of the BRICS leaders on the sidelines of the G20 summit in Brisbane, Australia.

"The decisions to create BRICS financial institutions are being implemented successfully. The efforts to form the Development Bank and a pool of currency reserves instituted at the Fortaleza summit are nearing completion," Putin said. He recalled that the bank's aggregate capital constituted an impressive 200 billion dollars.

"In this way we shall obtain common mechanisms capable of stabilizing the national markets of capital in case of critical situations in the global economy," Putin said.

He believes that the new opportunities for joint lending would help expand trading and investment ties.

Putin pointed to the growing effectiveness of industrial and technological cooperation and the newly-launched joint projects in the energy industry, extraction and processing of mineral resources, farming industry and high technologies.

"We stand together on the issues of international information security and are exchanging experience in addressing acute social problems in developing the health service, education and science," Putin said.

[Source: Itar Tass, Brisbane, 15Nov14]

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