BRICS SIGN AGREEMENT TO POOL $100BN OF THEIR CURRENCIES
A few months ago, it was announced that the BRICS (Brazil, Russia,India,China and South Africa) are pooling together there money to start their own national bank. This will prevent these countries to not have to borrow money from the IMF or World Bank, which are controlled by Americans and Europeans. In a recent article by RT (Russian Times)
the BRICS have signed an agreement to pool their money together, totaling $100 billion dollars in a reserve fund in order to protect their currencies from the volatility in the global market.
Not only is this a smart strategy for the BRICS to protect their currencies, it is an illustration of how these countries are forging their own path away from the American and Europeans. Protecting their currencies from the global market volatility will make their currencies stronger compared to currencies that are affected by the global market volatility. Also, with Russia being the leader on this agreement, this is a move that is moving Russia forward in attempts to forge relationships with other countries in order to become a dominate player in the international community.