The Phaserl


India moots common Gold,forex pool for BRICS

from Bullion Street:

Group of world’s fastest growing nations, BRICS is considering a common forex reserve pool including gold.

Accroding to reports, the group consists of Brazil, Russia, India, China and South Africa are expected to endorse plans for a common foreign exchange reserve pool and an infrastructure bank when they meet in Durban, South Africa, on 26-27 March.

The idea of the BRICS foreign exchange pool and development bank, mainly funded by the BRICS countries was first mooted by India.

The plan was to recycle surpluses into investment in developing countries for infrastructure and sustainable development projects.

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