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BRICS Bank Open for Business

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The ushering in of the BRICS New Development Bank has finally come, months ahead of its original 2016 opening date. To be clear, this ‘opening for business’ is one step in a chain that will eventually lead to the lending of money. Based on the article and supportive data found in the CRA agreement, the NDB (the New Development Bank) is expected to launch late this year or early next year. Presumably that is when funds will begin to flow. 

We have been witnessing all year long as some of the major countries in the world signed up for this ‘new financial system.’ Will this truly be the group of people to stop the Cabal as countless believe, even though they will still employ a debt system? 

Excerpt from Globalist Agenda Watch 2015: Update 14 – The coming BRICS gold standard, Ron Paul, and the Rockefellers:

Is there an interest rate? – Yes there is an interest rate. BRICS banks, which are called New Development Banks NDB, will be on par with the IBRD rate (the standard in the Global Markets). This was explained in the following RT article: 

“For the NDB to build its initial credibility, it will have to maintain high standards of lending and ensure minimal defaulters. The two most important questions are how to create strong and efficient domestic financial structures that could work in tandem with the regional institution and extend high quality loans to improve its credit rating.And if it has to earn profits on the loans – which it should for future expansion –NDB will also have to charge an interest rate. 

Or could this yet be another ploy by that very same Cabal, playing one hand against the other? Ultimately our ability to develop key knowledge and act within it to un-consent from any slavery 2.0 system will ensure these developments serve humanity vs oppress it. 

Related  Greece Could “Print” Its Own Money | BRICS Meeting Between Greece and Russia? – Russian Oil Makes Athens Europe’s Energy Hub!


Related  BRICS Global Bank Will Open Coffers by Year-End, Coinciding Jesuits’ Debt Jubilee

– Julian

Source – BRICS Post

July 7, 2015, 4:21 pm

Participants in the BRICS Finance Ministers and Central Bank Governors’ Meeting, Meeting of the Board of Governors of the BRICS New Development Bank on 7 July 2015 in Moscow, Russia [Image: brics2015.ru]

The long-heralded New Development Bank (NDB) or the BRICS Bank officially commenced business on Tuesday with the first meeting of its board of governors in Moscow.

The NDB with about $50 billion in capital to invest in public infrastructure will compete with institutions where the US has considerably more influence—organizations such as the World Bank and the International Monetary Fund.

The agreement was signed by the bloc’s five members — Brazil, Russia, India, China and South Africa — on July 15 last year during the sixth BRICS summit.

The board of governors appointed members of the BRICS board of directors and the management led by the president, Kundapur Vaman Kamath.

The board meet on Tuesday in Moscow also discussed rules regarding procedures and the bank’s five-year development strategy.

The bank will aim to “promote reform of global economic governance” China’s Finance Minister Lou Jiwei had said earlier.

The inaugural management team will take their posts in Shanghai in mid-July.

The NDB is expected to launch late this year or early next year.

The bank has an initial authorized capital of $100 billion.

Its initial subscribed capital of $50 billion will be equally shared among the founding members.

It will have a three-tier governance structure — a board of governors, a board of directors, a president and vice presidents.

As agreed by the five countries, the first chair of the board of governors has been nominated by Russia, the first chair of the board of directors by Brazil, and the first president by India.

An African regional center of the bank will be based in Johannesburg, South Africa.

“The bank’s establishment will be an important achievement for financial cooperation among BRICS members,” said China’s Finance Minister Lou Jiwei.

The Chinese government is providing $10 billion as prescribed for the initial subscribed capital.

The BRICS central bank governors on Tuesday also signed an operating agreement on the $100 billion monetary fund.

The BRICS Contingent Reserve Arrangement (CRA) will come into force on 30 July, Head of the Russian Central Bank Elvira Nabiullina said after the meet on Tuesday in Moscow.

“Several other documents will be adopted to regulate the operation of governing bodies – the Governing Council and the Standing Committee,” said Nabiullina.

[For a detailed accounting of what the CRA is, and how it sets guidelines to manage NDB funding see the following]

Treaty for the Establishment of a BRICS Contingent Reserve Arrangement – Fortaleza, July 15

This BRICS Contingent Reserve Arrangement (“CRA”) is between the Federative Republic of Brazil (“Brazil”), the Russian Federation (“Russia”), the Republic of India (“India”), the People’s Republic of China (“China”) and the Republic of South Africa (“South Africa”) (henceforth referred to, individually, as “Party”, and collectively, as the “Parties”).
WHEREAS, the Parties agree to establish a self-managed contingent reserve arrangement to forestall short-term balance of payments pressures, provide mutual support and further strengthen financial stability.
WHEREAS, the Parties agree that this contingent reserve arrangement shall contribute to strengthening the global financial safety net and complement existing international monetary and financial arrangements.
THEREFORE, this Treaty sets out the terms and conditions of such contingent reserve arrangement, as follows:
Article 1 – Objective
The CRA is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures.
Article 2 – Size and Individual Commitments
a. The initial total committed resources of the CRA shall be one hundred billion dollars of the United States of America (USD 100 billion), with individual commitments as follows:
i. China – USD 41 billion
ii. Brazil – USD 18 billion
iii. Russia – USD 18 billion
iv. India – USD 18 billion
v. South Africa – USD 5 billion

_________



Source:

http://thebricspost.com/brics-bank-open-for-business/#.VaiP2xNVikp

http://brics6.itamaraty.gov.br/media2/press-releases/220-treaty-for-the-establishment-of-a-brics-contingent-reserve-arrangement-fortaleza-july-15

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