OREANDA-NEWS. The central banks of Brazil, Russia, India, China and South Africa have signed Operational Agreement on 7 July 2015 in Moscow. The Agreement outlines the terms of mutual support for member states in the framework of the Agreement on BRICS Pool of Conventional Currency Reserves.

The Operational Agreement details working procedures of the Pool to be observed by BRICS central banks, and defines their rights and obligations.

The Pool is tasked to ensure mutual provision of US dollars by the central banks of BRICS members in case of any problems with dollar liquidity. Thus, this new insurance network is designed to maintain financial stability of its member states.

The total Pool is worth 100 billion US dollars. Commitments taken by BRICS members states are as follows: China will contribute 41 billion US dollars, by 18 billion US dollars will be provided by Brazil, India and Russia, and 5 billion US dollars will be received from South Africa.

The Agreement on setting BRICS Pool of Conventional Currency Reserves was signed on 15 July 2014 at the summit in Fortaleza (Brazil).