BRICS to float $100-bn currency pool
11 years, 6 months ago

BRICS to float $100-bn currency pool

India TV News  

New Delhi: New Delhi: BRICS nations on Thursday agreed to set up a $100-billion foreign currency reserve pool to counter the impact of a pull-out by foreign investors due to US Federal Reserve's tapering of quantitative easing programme. Similarly, South Africa would contribute $5 billion.The US Federal Open Market Committee meeting, scheduled for September 17-18, is expected to indicate when the Fed might start tapering the stimulus programme.Prime Minister Manmohan Singh hailed the announcement on the currency pool, to be called the contingent reserve arrangement. He said the development comes at a very crucial juncture when emerging market currencies were very vulnerable due to withdrawal of the easy money policy by the U.S.In addition, on Friday there could be an announcement on the $15-million currency swap agreement signed between India and Japan in 2011 to tackle any depletion of foreign exchange reserves.BRICS nations also decided to have a New Development Bank, with an initial subscribed capital of $50 billion. The bank would meet infrastructure needs of emerging markets.Indian officials also praised the support of the G20 to provide reassurance over the winding down of the Fed's quantitative easing programme as the US economy picks up.

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BRICS vows ’won’t stop’ de-Dollarization efforts despite Donald Trump’s 100 % tariff warning
1 month ago

BRICS vows ’won’t stop’ de-Dollarization efforts despite Donald Trump’s 100 % tariff warning

Live Mint  

Brazil's President Lula da Silva has said that BRICS is committed to ending US Dollar dominance “no matter what”. The Brazil President was heard saying, "US President Donald Trump's threats of tariffs won't stop the group's determination to seek alternative platforms for payments between member countries." In January, US President Donald Trump had issued a stern warning to BRICS nations, …

'Find another sucker nation': Trump threatens Brics with tariffs again. What's at stake for India?
2 months ago

'Find another sucker nation': Trump threatens Brics with tariffs again. What's at stake for India?

Firstpost  

In recent years, Brics has become one of the most economically powerful groups. Two of its member states are among the top five largest economies in the world A week after assuming the presidency, US President Donald Trump reiterated his tariff threat to Brics nations, which comprises Brazil, Russia, India, China and South Africa along with other newly appointed countries. …

‘Say goodbye to America, find another s****r’: Trump threatens 100% tariffs on India, BRICS for ditching US dollar
2 months ago

‘Say goodbye to America, find another s****r’: Trump threatens 100% tariffs on India, BRICS for ditching US dollar

Live Mint  

US President Donald Trump on Thursday cautioned BRICS nations against replacing the US dollar as the reserve currency, reiterating a threat of 100% tariffs he had made shortly after winning the November presidential elections. "We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency …

Trump threatens 'hostile' BRICS against replacing US dollar: Find another sucker
Top News
2 months ago

Trump threatens 'hostile' BRICS against replacing US dollar: Find another sucker

India Today  

US President Donald Trump fired another warning shot at the BRICS bloc, of which India is a part, threatening to impose 100 per cent tariffs if they attempt to replace the US dollar with an alternative currency. "We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency, nor back …

De-dollarisation not our policy or strategy: India after yet another Trump threat to BRICS
2 months ago

De-dollarisation not our policy or strategy: India after yet another Trump threat to BRICS

New Indian Express  

NEW DELHI: India on Friday reaffirmed that de-dollarisation is neither its policy nor strategy, after President Donald Trump again warned BRICS countries against replacing the US dollar as a reserve currency, reiterating a threat of 100% tariffs he had made earlier. “On de-dollarisation, the External Affairs Minister has made it clear that we don’t have any policy or strategy in …

'No proposal to have BRICS currency': Jaishankar reacts to Trump's 100 per cent tariff warning
3 months, 3 weeks ago

'No proposal to have BRICS currency': Jaishankar reacts to Trump's 100 per cent tariff warning

India TV News  

External Affairs Minister Dr S Jaishankar on Saturday said that BRICS countries do not intend to weaken the US dollar and India has never been for de-dollarisation. His statement came in response to US President-elect Donald Trump's recent threats of imposing a 100 per cent tariff if BRICS countries went ahead with plans for a common currency. He threatened the …

On Trump's tariff threat, Jaishankar says India never for de-dollarisation
Top News
3 months, 3 weeks ago

On Trump's tariff threat, Jaishankar says India never for de-dollarisation

India Today  

External Affairs Minister S Jaishankar on Saturday responded to President-elect Donald Trump's threat to impose a 100 per cent tariff on Brics countries, saying that India has no intentions of weakening the US dollar. Jaishankar's remarks came a week after Donald Trump posted on his Truth Social platform, seeking a commitment from Brics nations that they would not create a …

Jaishankar responds to claims of Brics undermining US dollar amid Trump's 100% tariff threat
3 months, 3 weeks ago

Jaishankar responds to claims of Brics undermining US dollar amid Trump's 100% tariff threat

Firstpost  

At a recent Brics summit in Kazan, Russia proposed “BRICS Pay,” a payment system akin to SWIFT and India’s Unified Payments Interface. The system aims to facilitate seamless cross-border payments in native currencies like the ruble, yuan, rupee, real, and rand Indian External Affairs Minister S Jaishankar said Brics bloc is not looking to create a rival to the US …

DC Edit | Trump’s Brics threat is premature
4 months ago

DC Edit | Trump’s Brics threat is premature

Deccan Chronicle  

US President-elect Donald Trump’s threat to levy 100 per cent duty on imports from Brics+ nations, if they chose to float an alternative global reserve currency to the US dollar, is premature and does not take into account ground realities. Eighty eight per cent of foreign exchange transactions take place in the dollar, 58 per cent of foreign currency reserves …

Why is Donald Trump threatening Brics members against de-dollarisation?
Top News
4 months ago

Why is Donald Trump threatening Brics members against de-dollarisation?

Firstpost  

Donald Trump has demanded that Brics members promise not to create a new currency or support another currency to replace the United States dollar as the world’s reserve currency. Trump has demanded that Brics member nations promise not to create a new currency or support another currency to replace the United States dollar. “We require a commitment from these countries …

As Trump threatens 100% tariffs, where India stands on Brics currency vs dollar
4 months ago

As Trump threatens 100% tariffs, where India stands on Brics currency vs dollar

India Today  

As Donald Trump returns to the White House in January 2025, his aggressive trade stance - the latest now being a 100 per cent tariff threat on Brics nations, including India, if they went ahead to develop their own currency to undermine the US dollar's dominance - has already created ripples in the global economy. Trump's 100 per cent tariff …

Trump threatens 100% tariff on BRICS countries if they pursue creating new currency
4 months ago

Trump threatens 100% tariff on BRICS countries if they pursue creating new currency

CNN  

CNN — President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency …

The idea of a Brics currency is looking like a charade
4 months, 1 week ago

The idea of a Brics currency is looking like a charade

Live Mint  

Last month’s Brics summit in Kazan, Russia, was, like all summits, heavy on photo ops. And it yielded a second act that was similarly heavier on symbolism than substance: the release of a report by the Russian finance ministry and central bank on “improvement of the international monetary and financial system," by which Russian officials obviously meant “finding an alternative …

India watches BRICS’ new members warily because of Chinese influence
1 year, 2 months ago

India watches BRICS’ new members warily because of Chinese influence

Hindustan Times  

“China and India’s disagreement,” noted Hung Tran, non-resident senior fellow at the Atlantic Council’s GeoEconomics Center in an essay, "regarding membership expansion will shape the prospects of aspiring BRICS countries and the organization’s future.’’ Prime Minister Narendra Modi with China's President Xi Jinping. It does not want to lose its influence if the BRICS group admits too many new members …

We have valid reasons to be wary of BRICS expansion
1 year, 7 months ago

We have valid reasons to be wary of BRICS expansion

Live Mint  

BRICS is now BRICS-Plus and within this change lie diverse, multiple incarnations. The declaration at the end of the 15th BRICS summit last week provided clues on how BRICS-Plus would pursue the de-dollarization goal: “We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners. In …

No announcement on additional members of New Development Bank in BRICS Summit
1 year, 7 months ago

No announcement on additional members of New Development Bank in BRICS Summit

Hindustan Times  

The New Development Bank of the BRICS group of nations will not be announcing new members at the BRICS Summit in South Africa this week, its Chief Financial Officer Leslie Maasdorp told Reuters on Wednesday. The NDB is registering an Indian rupee bond programme worth $2.5 billion over 5 years, after it issued its first South African rand bond last …

Dollar hegemony prompts BRICS rethink
1 year, 7 months ago

Dollar hegemony prompts BRICS rethink

China Daily  

SHI YU/CHINA DAILY At the ongoing BRICS Summit in Johannesburg, a key topic that has attracted wide attention is the further development of new and complementary reserve currencies and settlement mechanisms. At the end of March, Alexander Babakov, deputy chairman of the Duma, the lower house of the Russian parliament, said the BRICS countries were working on creating a new …

Dollar hegemony prompts BRICS rethink
1 year, 7 months ago

Dollar hegemony prompts BRICS rethink

China Daily  

SHI YU/CHINA DAILY At the ongoing BRICS Summit in Johannesburg, a key topic that has attracted wide attention is the further development of new and complementary reserve currencies and settlement mechanisms. At the end of March, Alexander Babakov, deputy chairman of the Duma, the lower house of the Russian parliament, said the BRICS countries were working on creating a new …

brics common currency push & expansion plans: where does india stand?
1 year, 7 months ago

brics common currency push & expansion plans: where does india stand?

The Hindu  

The story so far: In a bid to deepen ties in Asia and Africa, the heads of the BRICS nations are scheduled to meet in Cape Town, South Africa on August 22-24 this year. In a post-meeting statement, South Africa’s foreign minister Naledi Pandor said that Shanghai-based New Development Bank had briefed the BRICS minsters about potentially using alternative currencies …

Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?
1 year, 7 months ago

Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?

Associated Press  

ABUJA, Nigeria — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees. Across the developing world, many countries are fed up with America’s dominance of the global financial system — especially the power of the dollar. At a meeting of BRICS foreign ministers in June, South Africa’s Naledi Pandor said the …

Emerging economies are pushing to end the dollar's dominance. But what's the alternative?
1 year, 7 months ago

Emerging economies are pushing to end the dollar's dominance. But what's the alternative?

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Across the developing world, many countries are fed up with America’s dominance of the …

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch
1 year, 8 months ago

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch

Hindustan Times  

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch India has made a big declaration amid speculation of a new BRICS currency. India's external affairs minister, S. Jaishankar, said there are no plans for a new BRICS currency and that the focus is on strengthening the national currency. Some reports state that 41 countries, including Bangladesh, …

BRICS pitches for using local currencies in international trade
1 year, 10 months ago

BRICS pitches for using local currencies in international trade

The Hindu  

The BRICS nations on June 2 underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. The joint statement titled 'The Cape of Good Hope', said Ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World …

BRICS pitches for using local currencies in international trade
1 year, 10 months ago

BRICS pitches for using local currencies in international trade

India TV News  

Cape Town: The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. The joint statement titled 'The Cape of Good Hope', said ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the …

Russian finance minister urges BRICS to band together to mitigate economic crisis
2 years, 11 months ago

Russian finance minister urges BRICS to band together to mitigate economic crisis

Firstpost  

Anatoly Siluanov blamed economic sanctions on Russia for ‘destroying the foundation of the existing international monetary and financial system based on the US dollar’ and urged BRICS to rely more on their national currencies in foreign trade Moscow: Russian Finance Minister Anatoly Siluanov said on Saturday that the five BRICS countries could mitigate the backlash of Western sanctions against Russia …

Brics: Brickbats and bouquets
7 years, 7 months ago

Brics: Brickbats and bouquets

Deccan Chronicle  

The Brics summit in Xiamen is taking place in the immediate aftermath of a confrontation between its two largest economies and nations. Many observers in New Delhi believe that if Narendra Modi did not take part in the Xiamen, so soon after not participating in the OBOR meeting of 28 countries, it would have meant a long-term rupture between India …

BRICS Bank to fund inclusive needs of emerging nations: Modi
9 years, 4 months ago

BRICS Bank to fund inclusive needs of emerging nations: Modi

India TV News  

Antalya: India will guide the BRICS nations' USD 50 billion New Development Bank - a rival to the World Bank - to finance "inclusive and responsive" needs of particularly emerging economies, Prime Minister Narendra Modi said today. BRICS nations Brazil, Russia, India, China and South Africa today reviewed the progress made in setting up of the New Development Bank as …

BRICS reaps rewards of closer cooperation
9 years, 8 months ago

BRICS reaps rewards of closer cooperation

China Daily  

Leaders of BRICS countries are meeting starting on Wednesday in Ufa, Russia. Bigger economies The combined economic output last year of Brazil, Russia, India, China and South Africa almost matched the gross domestic product of the United States. "Despite some disappointments in some of the BRIC economies, led by China and India, their collective weight in global GDP continues to …

BRICS members hail integration ahead of July forum -India TV News
9 years, 9 months ago

BRICS members hail integration ahead of July forum -India TV News

India TV News  

St. Petersburg: BRICS member states—Brazil, Russia, India, China and South Africa—cheered new integration trends with the announcement of the formation of the BRICS Development Bank, ahead of the group's upcoming forum in July. Vice-Chairman of the Chinese Committee for promotion of international trade Yu Ping declared at a BRICS business conference in St. Petersburg on Thursday that “BRICS is a …

BRICS Bank: Can India contain Chinese moves?
10 years, 7 months ago

BRICS Bank: Can India contain Chinese moves?

Al Jazeera  

With India in loop, critics question whether New Delhi is handing the reins of global finance to neighbouring China. But although India secured the bank’s first presidency, and even as Prime Minister Narendra Modi recently hailed “our capacity to set up global institutions” for development, some government officials have questioned whether they are handing the reins of global finance to …

BRICS bank not against IMF: Brazilian president
10 years, 8 months ago

BRICS bank not against IMF: Brazilian president

India TV News  

Brasilia: Brazilian President Dilma Rousseff said on Wednesday that the development bank to be set up by the emerging-market bloc of BRICS is not against the International Monetary Fund. "We don't have the slightest interest in renouncing" the IMF, Rousseff told reporters here after a meeting with visiting Indian Prime Minister Narendra Modi, Xinhua reported.Both Brazil and India are members …

BRICS bank: how PM got big powers to accept India's idea
10 years, 8 months ago

BRICS bank: how PM got big powers to accept India's idea

Hindustan Times  

Prime Minister Narendra Modi's maiden multilateral outing to Brazil for the BRICS summit is already a success, with the announcement of the New Development Bank. The final negotiations between India and China on the bank modalities, and Modi's meeting with President Xi Jinping, also offer us some insights into the evolving Modi doctrine vis-a-vis big powers - especially seen in …

Brics bank created; China gets headquarters, India its presidency
10 years, 8 months ago

Brics bank created; China gets headquarters, India its presidency

Live Mint  

Brasilia/New Delhi: Leaders of the five Brics nations agreed on the structure of a $50 billion development bank by granting China its headquarters and India its first rotating presidency. “Unlike the IMF and World Bank, which are managed by Europeans and Americans, the Brics bank is quite democratic,” Brazilian finance minister Guido Mantega told reporters. “Even with slowing economic growth …

Brics fight waning clout with $150 billion deal in Brazil summit
10 years, 8 months ago

Brics fight waning clout with $150 billion deal in Brazil summit

Live Mint  

Brasilia: The leaders of five of the world’s largest emerging markets will showcase a new currency reserve fund and development bank this week. Brazil, Russia, India, China and South Africa, known as the Brics, will approve the creation for the $100 billion reserve fund and $50 billion bank at a 15-16 July summit in Brazil’s coastal city of Fortaleza and …

BRICS summit to reflect new global political architecture
10 years, 8 months ago

BRICS summit to reflect new global political architecture

The Hindu  

Global political issues such as the unrest in Iraq and Ukraine and the surveillance of world leaders by the U.S. National Security Agency are likely to find their way into the discussions at the BRICS summit and be possibly reflected, along with economic issues, in the Fortaleza Declaration to be released by the leaders of the five nations on July …

BRICS bank tops Modi’s agenda
10 years, 8 months ago

BRICS bank tops Modi’s agenda

The Hindu  

Prime Minister Narendra Modi leaves for Berlin on Sunday on his way to Fortaleza in Brazil for the sixth BRICS summit. The meeting of the BRICS leaders will be held on July 15, when they are expected to sign important economic agreements on the BRICS bank as well as release the Fortaleza Declaration. While the BRICS grouping, a term coined …

BRICS may decide on $100 billion fund early 2014: Russia
11 years, 5 months ago

BRICS may decide on $100 billion fund early 2014: Russia

Live Mint  

Washington: The BRICS emerging economies may decide early next year on their $100 billion fund designated to steady currency markets, Russia’s finance minister Anton Siluanov said on Friday, indicating little progress at the group’s meeting in Washington this week. But progress has been slow and the bank with a capital of up to $50 billion is still far from running, …

BRICS agrees on USD 100 billion fund, India to give USD 18 billion
11 years, 6 months ago

BRICS agrees on USD 100 billion fund, India to give USD 18 billion

India TV News  

St Petersburg: Battling stunted growth and devaluing currencies, the five nation BRICS grouping, including India, today decided to launch a USD 100 billion currency reserve fund which is expected to help them navigate through an imminent phase out of the US stimulus package. India will contribute USD 18 billion to the Contingent Reserve Arrangement, that will have an initial size …

China defends BRICS bank move amid dollar discontent
13 years ago

China defends BRICS bank move amid dollar discontent

The Hindu  

Defending the move by the BRICS nations — Brazil, Russia, India, China and South Africa — to set up a bank, China said the developing world had been left with few options, stressing the need for governments to allocate the initial seed money for the initiative. Explaining the need for government money in the initial capitalisation of the Bank, BRICS …

Governments must fund BRICS Bank: China
13 years ago

Governments must fund BRICS Bank: China

The Hindu  

Defending the move by BRICS nations to set up a bank, China said developing world had been left with few options but wants the Governments to allocate the initial seed money. China expects a broad consensus to emerge at the BRICS Ministerial meeting on Wednesday, a day before the summit proper and its Foreign Ministry official Li Kexin is hoping …

BRICS nations make the first move with local currencies
13 years, 11 months ago

BRICS nations make the first move with local currencies

The Hindu  

The BRICS nations inked a pact to use their own currencies instead of the U.S. dollar in issuing credit or grants among each other and pushed for the early conclusion of an India-initiated U.N. comprehensive anti-terror law. “Our designated banks have signed a framework agreement on financial cooperation, which envisages grant of credit in local currencies and cooperation in capital …

BRICS panel to intensify economic links
13 years, 11 months ago

BRICS panel to intensify economic links

The Hindu  

The Economic and Trade Ministers of the BRICS nations have decided to set up a liaison group to intensify cooperation and pledged to oppose trade protectionism. “This consensus indicates a concrete step in institutional building of deepened business cooperation of the BRICS countries,” China Development Bank President Chen Yuan told journalists after the BRICS Economic and Trade Ministers' meeting, which …

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