BRICS launches bank to offset Western-dominated financial system


The long-awaited New Development Bank has been launched after BRICS (Brazil, Russia, India, China and South Africa) leaders put their finishing touches on the $100B bank and currency reserve pool aimed at reshaping the Western-dominated international financial system centered around the IMF and World Bank.

The launch marks the first big accomplishment by BRICS countries, which account for almost half the world's population.

The bank is scheduled to start lending in 2016. Membership is open to other countries but the capital share of the BRICS cannot fall under 55%.

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Comments (4)
  • bbro
    , contributor
    Comments (11197) | Send Message
     
    Russia ?.....hmmmm...looks a little like the 5 families...
    16 Jul 2014, 04:17 AM Reply Like
  • leopardtrader
    , contributor
    Comments (3629) | Send Message
     
    Good for multi-polar world. Could attract quite many other developing countries. Competition is good for wealth creation & development.
    16 Jul 2014, 06:41 AM Reply Like
  • mitrado
    , contributor
    Comments (2033) | Send Message
     
    Bye, bye, petrodollar supremacy!
    16 Jul 2014, 07:19 AM Reply Like
  • Sakelaris
    , contributor
    Comments (2505) | Send Message
     
    So much for the US-led effort to impose crippling sanctions on Russia.

     

    Eventually it will be recognized that the US effort to play around in Russia's backyard by backing unstable Ukrainian nationalists was a huge mistake.
    16 Jul 2014, 09:14 AM Reply Like
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