The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
India will have the presidency of the BRICS' $100 billion New Development Bank for six years with headquarters in China that will become operational in about two years, a major step for reshaping the international financial system dominated by the West.
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
The first task before him is to get used to the idea of working with the Monetary Policy Committee
BRICS countries may reach consensus at next month's G20 summit on creating a $100 billion currency reserve fund to help ease short-term liquidity pressure and safeguard financial stability of major emerging economies, a senior Chinese central bank official said.
India and Japan on Friday decided to more than treble their currency swap arrangement from $15 billion to 50 billion in a move seen as sending an important signal for the rupee.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
If you want to look at nice space pictures, then we'd highly recommend the Astronomy Photographer of the Year competition. The UK's Royal Observatory Greenwich has chosen the winners of its 2018 Astronomy Photographer of the Year competition, which honours photography of the cosmos across multiple categories, such as "People and Space," "Aurorae," and "Galaxies." The top prize was awarded to American photographer Brad Goldpaint, whose photo "Transport the Soul" captures Moab, Utah, with a photographer, rock formations, Andromeda and the Milky Way. This year's competition received over 4,200 entries from 91 countries around the world.
'Happily,' says Ambassador B S Prakash, 'BRICS displayed new-found energy and built something real, a bank. Between needless nihilism and as yet unjustified euphoria, there are many stations for the BRICS train and we can watch its progress with renewed interest.'
The withdrawal right is hemmed by many conditions.
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