<h1 class="subheadlinemain"><a title="Permanent Link to BRICS Bank May Challenge IMF" rel="bookmark" rel="nofollow" href="http://www.infowars.com/brics-bank-may-challenge-imf/">NY STORBANK UTMANAR IMF: BRICS Bank May Challenge IMF<br />
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<p><strong>Kester Kenn Klomegah</strong><br />
<a target="_blank" rel="nofollow" href="http://ipsnews.net/news.asp?idnews=10 ... t;>IPS</a><br />
March 19, 2012</p>
<p>India’s proposal to set up a bank of the BRICS nations<font color="#FF0000"> (Brazil, Russia, India, China and South Africa)</font> will top the agenda at the summit of the group in New Delhi Mar. 28.</p>
<p>India believes a joint bank would be in line with the growing economic power of the five-nation group. The bank could firm up the position of BRICS as a powerful player in global decision-making.</p>
<p>“The BRICS bank does not need much capital for a start,” Alexander Appokin, senior expert at the Moscow- based Centre for Macroeconomic Analysis and Forecasting tells IPS. “What is more important is that the BRICS development bank presents a unique opportunity for indirect investment of central bank foreign reserves inside the countries.”</p>
<p>A BRICS bank could for example issue convertible debt, which would arguably be top-rated and can be bought by central banks of all BRICS countries. BRICS countries would thus have a vessel for investment risk-sharing.</p>
<p><a target="_blank" rel="nofollow" href="http://ipsnews.net/news.asp?idnews=107115">Read more</a></p>
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