Posted by: youngragingbull | March 26, 2013

BRICS plan for new bank to challenge IMF & World Bank: Bloomberg

The leaders of the five “BRICS” nations – Brazil, Russia, India, China and South Africa – are planning to launch a new development bank to replace the roles of the International Monetary Fund and the World Bank, when they meet for an annual summit in South Africa on Tuesday, Bloomberg News reported.

The purpose of the new bank is to tackle underdevelopment and currency volatility, while also calling for an overhaul of the World Bank and the IMF and opposing current tendencies to chose presidents from only the U.S. or Europe.

The BRICS nations have combined foreign-currency reserves of $4.4 trillion and account for 43% of the world’s population, according to Bloomberg.

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