BRICS to sign deal for own currencies for credit

Wednesday, 13 April 2011, 16:53 IST
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India: In a first-of- its-kind step, Brazil, Russia, India, China and South Africa (BRICS) will be signing an agreement on under which they would be able to give credit and grants to each other in their own currency instead of dollars. The Summit, to be attended by Prime Minister Manmohan Singh in Chinese resort city of Sanya, will discuss a whole range of issues related to global financial and economic situation besides matters related to energy security, food security and challenges posed by terrorism. At the Summit, South Africa will join as the new member, making it a five-nation grouping of fastest growing economies. BRICS will be discussing the reform of the international financial system, National Security Adviser Shivshanker Menon told journalists accompanying the Prime Minister to Sanya.
Source: PTI
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