BRICS countries cohere to deepen financial cooperation
Recently, the Union Minister of Finance and Corporate Affairs participated in the second BRICS meeting of Finance Ministers and Central Bank Governors (FMCBG) chaired by China.
- BRICS countries include Brazil, Russia, India, China and South Africa.
- Finance ministers and central bank governors of BRICS countries have discussed fiscal and customs cooperation and deepening the Contingency Reserve Arrangement (CRA).
- CRA was established in the year The main objective of its establishment is to provide short term liquidity support to the members through currency swaps. This will help in dealing with the situation of balance of payments crisis and further strengthen financial stability.
Source – The Hindu