BRICS nations plan new bank to bypass World Bank, IMF

Section:

By Mike Cohen and Ilya Arkhipov
Bloomberg News
Monday, March 25, 2013

http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-...

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China, and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance-of-payments or currency crises.

"The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world," Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. "There's a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the Western world."

For the complete story:

http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-...



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