Tuesday, April 7, 2015

New BRICS Bank Changes Name - Expects More Members

A lot was made of the recent additions to the AIIB led by China where several US allies applied to join. This BRICSPOST article explains that the new BRICS Development Bank will change names with the intent of attracting more members there as well. All this is intended to steer the world away from a world where the US dollar is the sole global reserve currency. However, this kind of change moves slowly over time. At least for now, the goal is not to replace the IMF or the World Bank. The goal is to isolate those within the US who want to try and maintain a US centric global financial system. Below are some quotes from the BRICSPOST article.


"Russian BRICS sherpa Vadim Lukov on Friday said the name of the $100 billion BRICS Bank was finally changed to New Development Bank as the five founding members will be joined by other countries in the future.
Lukov was speaking to journalists in Moscow on Friday, in a briefing ahead of the 7th BRICS Summit on July 8-9 in the Russian city of Ufa, which will be attended by the heads of the five countries- Brazil, Russia, India, China, South Africa.
After US allies from the EU and Asia lined up to join the China-led Asian Infrastructure Investment Bank (AIIB), Moscow and Beijing are upbeat about the expansion of the BRICS Bank as well.
Underscoring the draw of closer economic ties with Beijing, UK, France, Germany, Italy, Australia, South Korea are among the many nations that have signed up to be founding members of the AIIB.
BRICS are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multi-polar world order and developing modern models for the world’s financial and trading systems,” Putin said.
Shanghai will host the headquarters of the $100 billion BRICS Bank. Russian Finance Minister Anton Siluanov will likely head up the board of governors at the New Development Bank."  . . . . . . . 

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