The new BRICS initiatives break the monopoly of existing western institutions over the financial order – a very important symbolic change, as it’s the first time a global financial institution is led by developing countries, said experts to RT.
The BRICS New Development Bank is not an alternative to the IMF and the World Bank but rather a complement, said Presidential aide Sergey Glazyev. It will address the challenges that Western institutions currently ignore.
Veteran Indian banker KV Kamath has thanked Narendra Modi’s government for the opportunity to head the newly established BRICS New Development Bank. He will take over the presidency in the next 10 days after he leaves various board positions.
Greece has been invited by Russia to become the sixth member of the BRICS New Development Bank (NDB). The $100 billion NDB is expected to compete with Western dominance and become one of the key lending institutions.
Western “colonial” states are not interested in S. Africa’s development, but rather want to take its natural resources and never give anything back, Jacob Zuma, S. African president, told RT. It’s China’s investment that Zuma sees as a way to prosperity.
Russian President Vladimir Putin has ratified a deal to establish a $100 billion foreign currency reserve pool for the BRICS group. The pool’s purpose is to protect national currencies from volatility in global markets.
The People's Bank of China may have tripled its gold stockpile since April 2009, when it last gave an official number, which Bloomberg Intelligence estimates to be 3,510 metric tons, second to United States 8,133.5 tons of gold.