BRICS Contingent Reserve Arrangement (CRA)
Contingent Reserve Arrangement (CRA) of BRICS countries has come into operation in October 2016. It was established in 2015 during 7th BRICS summit at Ufa and idea was first mooted in Fortaleza, Brazil in July 2014.
It is a framework that aims at providing support through additional liquidity and other means to BRICS countries at a time of economic crisis. It will be providing support to BRICS countries through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures. The initial total committed resources of the CRA will be 100 billion dollars with individual commitments as follows: China ($41 billion), India ($18 billion), Brazil ($18 billion), Russia ($18 billion) and South Africa ($5 billion).
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