HANGZHOU, China, Sep 5 (PRIME) -- It is time the BRICS states launch an earlier established national currency pool in a full-fledged mode, Russian President Vladimir Putin said during an informal BRICS leaders’ meeting on Monday.
“We need to launch the established BRICS pool of conventional currency reserves and the new development bank in a full-scale mode,” Putin said, adding that he was talking about a mechanism envisaging international loans in national currencies and project financing.
The BRICS central banks signed an operating agreement on mutual support within a pool of conventional currency reserves last July. The aim of the U.S. $100 billion pool is to provide mutual financing in U.S. dollars in case of central banks’ problems with U.S. dollar liquidity.
Putin also said that a combined share of BRISC states in the International Monetary Fund (IMF) has reached a blocking threshold of 15% and that BRICS need to move on with promoting an IMF reform.
The president separately said that Russia is open to develop BRICS cooperation not only in the industry and technologies, but also in culture, social policies and healthcare.
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