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Brazil , Russia , India , China and South Africa - the BRICS group of fastest growing economies - Thursday [ 14 April 2011 ] signed an agreement to us
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articles.economictimes.indiatimes.com/2011-04-14/news/29417583_1_economies-food-security-local-currencies
SANYA: Brazil , Russia , India, China and
South Africa - the BRICS group of
fastest growing economies - Thursday
signed an agreement to use their own
currencies instead of the predominant
US dollar in issuing credit or grants to
each other .
The agreement , the first-of-its -kind,
was signed at the 3 rd BRICS summit
here attended by Indian Prime
Minister Manmohan Singh, China 's Hu
Jintao, Brazil ' s Dilma Rousseff ,
Russia's Dmitry Medvedev and South
Africa's Jacob Zuma.
"Our designated banks have signed a
framework agreement on financial
cooperation which envisages grant of
credit in local currencies and
cooperation in capital markets and
other financial services," Manmohan
Singh told reporters at a news
conference with other BRICS leaders .
But the agreement is confined to
credit and not trade. BRICS
economies hold 40 percent of the
world's currency reserves, the
majority of which is still in US dollars.
The BRICS summit is being held in the
coastal city of Sanya in China's Hainan
island.
The joint presser was held after the
leaders held deliberations on the
international situation , and financial,
development, climate and security
issues.
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