The BRICS group is still young as an organization, but has already proven its effectiveness. Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world’s financial and trading systems.
Five banks of the BRICS Interbank Cooperation Mechanism (ICM) have agreed to establish local currency credit lines and develop cooperation on credit ratings in the run-up to the forthcoming BRICS summit in China, according to one of the signatory banks
Actually, BRICS play the key role in global economy and finance. There is no denying the fact, that effective banking strategy depends on accurate assessment of common problems and a search for mutual solutions to increase quality of life in member countries
The Cabinet approved signing of interbank local currency credit line agreement and cooperation memorandum relating to credit ratings by Exim Bank with member banks under BRICS Interbank Cooperation Mechanism