(Sputnik) — The document envisions the establishment of a self-governing pool of contingent foreign currency reserves in order to counter possible pressure on the balance of payments in the BRICS countries, according to a document published Saturday on Russia`s official legal information portal.
The BRICS group of prominent emerging economies was established in 2010, when South Africa joined Brazil, Russia, India and China in what was previously known as BRIC.
In mid-2014, the BRICS members signed an agreement to establish the $100 billion BRICS New Development Bank, as well as a $100 billion reserve currency pool.
China is set to provide the largest share of $41 billion to the pool, while Russia, Brazil and India will provide $18 billion each. South Africa is set to chip in the remaining $5 billion.
