Agreement on the pool of foreign exchange reserves of the BRICS entered into force

Since 2014 BRICS association, created in 2008 as an informal club of leading developing countries, gradually began to turn into a powerful center of power that creates institutions that influence and even determine the global financial and investment flows. This process is natural: the countries occupy more than 25% of the land in the world, they are inhabited by 40% of the world's population and the economic potential of Brazil, Russia, India and China, as said the expert Jim O'Neill, is so that they will become the dominant economies of the world by the 2050.

On July 30, 2015 came into force an agreement on the pool of foreign exchange reserves. Pool is a resources designed to maintain financial and economic stability (including the minimization of risks in case of a strong capital outflow) and can be directed to the implementation of joint investment projects (mostly in local currencies).

The functioning of these pools is a worldwide practice. So, one example is the European Stability Mechanism.

The central banks of the BRICS reserve a significant amount. Russia, India and Brazil will contribute 18 billion dollars each, China - 41 billion, South Africa - 5 billion.

However, the Chairman of the Central Bank of Russia Elvira Nabiullina emphasized: "We see no reason to believe that any of the participating countries will be in a conditions when they be forced to use this tool in the foreseeable future".

This means that the economic situation is stable and now is the best time for investing in Russia, including Tatarstan.