Brics may decide on $125b fund early 2014: Russia
WASHINGTON (REUTERS) - The Brics emerging economies may decide early next year on their US$100 billion (S$125 billion) fund designated to steady currency markets, Russia's Finance Minister Anton Siluanov said on Friday, indicating little progress at the group's meeting in Washington this week.
Officials from Brazil, China, India, Russia and South Africa surprised many by starting work last year on the pool and a joint development bank to reshape the global financial architecture long dominated by rich nations.
But progress has been slow and the bank with a capital of up to US$50 billion is still far from running, amid disagreements over burden sharing and where it should be based.
Expectations that the Federal Reserve would 'taper' its United States (US) bond-buying scheme have reversed the cheap dollar flows that had fuelled a boom among the Brics, adding urgency to make funds available to members facing balance of payments difficulties.