Friday, Apr 19 2024 | Time 11:27 Hrs(IST)
image
Business EconomyPosted at: Nov 29 2021 6:29PM


BRICS 'Bond Fund' close to formation, to boost bond markets in member states

New Delhi, Nov 29 (UNI) Member countries of the BRICS groupings are set to enhance cooperation on financial regulation, especially in the context of crypto currency, as well as on the ‘BRICS Bond Fund’ to develop, integrate and deepen the bond markets in BRICS economies.
The grouping of Brazil, Russia, India, China and South Africa have been discussing formation of the Fund -- since the 2019 leaders’ summit -- which will help member countries conduct intra-BRICS trade in national currencies, avoiding the US dollar.
This is now close to completion and would help local bond markets in the member countries, Chief Economic Advisor, Ministry of Finance, Krishnamurthy Subramanian has said at an interactive session on BRICS organised by Research and Information System for Developing Countries, a policy think-tank.
The BRICS have also made significant progress in expanding financial cooperation among the members through the New Development Bank and the Contingent Reserve Arrangement. But more needs to be done by establishing a cross border regulatory mechanism for further improving the investment environment and enhancing capital flows as well as with effective usage of technology and mobilisation of collective strengths to generate growth dividends, Subramanian said.
India has suggested at a recent EXIM Bank conclave on BRICS that development banks from the grouping nations come together and work towards finding solutions to the challenges which engulfs the financial sector. There is a big opportunity stemming from the cumulative experience of all the 5 institutions under the BRICS Interbank Cooperation Mechanism which could be around 200 years.
This offers a strong template to find solutions to address challenges ranging from climate change to facilitating trade and investments in a manner which promotes harmony and mutual growth, for the larger good of nations.
The New Development Bank, a multilateral development bank established by BRICS countries in 2015, has approved financing for around 80 infrastructure and sustainable development projects in BRICS nations, totalling a portfolio of about US$ 30 billion. Of this over US$ 9 billion of financing has gone towards fighting the effects of Covid-19 across member countries.
The Board of Governors of NDB have approved the admission of United Arab Emirates, Uruguay and Bangladesh as the first new member countries to join the NDB, in line with the strategy to be positioned as a premier institution for emerging economies.
UNI NMJ SHK1828
Please log in to get detailed story.
Tags: #BRICS 'Bond Fund' close to formation# to boost bond markets in member states
More News

USD up ; Euro,Pound down

19 Apr 2024 | 10:08 AM

Mumbai, Apr 19 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

Severe coal crisis: RINL to call for global tenders to procure 1 50L tons coal

18 Apr 2024 | 7:29 PM

Visakhapatnam (Andhra Pradesh), Apr 18 (UNI) In the backdrop of severe Coal crisis due to the ongoing strike at Adani Gangavaram Port Limited (AGPL),Rashtriya Ispat Nigam Limited (RINL) - Visakhapatnam Steel Plant (VSP), has embarked on a relentless mission to secure the crucial raw material of coal, which is essential for its safe and sustained operations.

see more..

Bajaj Auto net profit at Rs 1936 cr in Q4; clocks all-time high revenue in FY24

18 Apr 2024 | 6:46 PM

New Delhi, Apr 18 (UNI) Two wheeler auto major Bajaj Auto on Thursday announced 29 percent jump in its revenue in Q4 (January-March) at 11,485 crore, led by the broad based buoyancy that was sustained on the domestic business and aided by steady exports.

see more..

Entering share market can boost growth of SMEs: Infopark event

18 Apr 2024 | 6:31 PM

Kochi, Apr 18 (UNI) Small and marginal companies in Kerala enjoy immense scope for growth by entering the stock market, experts said at an Infopark-organised event here on Thursday.

see more..

18 Apr 2024 | 6:09 PM

New Delhi, Apr 18 (UNI) Angle One, a retail stock broking house in India, today announced 31 per cent jump in net profit at Rs 340 crore during Q4 of the last financial year over Rs 260.3 crore in the previous quarter.

see more..
image