Loading ...De-Dollarization: Russia Ratifies $100 Billion BRICS Bank
Tyler Durden’s pictureSubmitted by Tyler Durden on 02/21/2015 21:45 -0500
A BRICS Bank – as an IMF alternative and to enable nations to become less dependent on the global reserve currency – was originally discussed at The BRICS Summit in 2012. Then at the 2014 BRICS Summit, the framework for The BRICS Bank was approved as “a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies.” Headquartered in Shanghai and chaired by Russia, this week saw what appears to be the final step in the creation of BRICS New Deverlopment Bank as RT reports, The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa. It is expected to start fully functioning by the end of 2015. Isolated?
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