Russia is creating a $100 billion rival to the IMF | WHAT REALLY HAPPENED

Russia is creating a $100 billion rival to the IMF

Russian President Vladimir Putin ratified an accord Saturday to set up a $100 billion reserve fund for the so-called BRICS — the leading emerging economies Russia, China, Brazil, India, and South Africa.

Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund, which was set up after an agreement signed in July in Brazil.

The emerging economies also plan to form their own international bank based in Shanghai to challenge western dominance over international money markets.

Webmaster's Commentary: 

This is going to further undermine the dominance of the US dollar as the world's reserve currency.

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