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brics announced new Global Reserve currency to replace the US dollar emerging economic powerhouses Brazil Russia India China and South Africa or brics have become increasingly influential in April Russia became the first country to ratify a 100 million foreign currency Reserve pool agreement reforming Global Finance is high on their agenda each of the brics countries can dip into this pool known as the contingent reserves Arrangement if they need foreign currency their balance of payments will be supported by this emergency store effectively covering short-term debts in brics member countries it is especially important to keep funds in a stable foreign currency to protect against currency fluctuations as a result of political instability and inflation the Brazilian real declined in value by roughly 17 percent against the US dollar in the first three months of 2015. Brazilian and other brics countries are able to keep their currencies at a relatively level exchange rate regardless of e
