Which country is the biggest contributor to recently agreed BRICS currency reserve pool?
The Central banks of BRICS countries have signed an operating agreement on the $100 billion currency reserve pool to protect BRICS member states from currency volatility shocks. China will make the biggest contribution to the pool: $41 billion. Russia, Brazil and India will donate $18 billion each, while South Africa’s investment will be $5 billion. The goal of the pool is to give BRICS member states opportunity to provide each other financial assistance in case of problems with their balance of payments.