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BRICS bank can change world

“The New Development Bank, popularly known as the BRICS bank, established by Brazil, Russia, India, China and South Africa should start work before the end of the year. The bank will be based in Shanghai, but its first chairman is India's Kundapur Vaman Kamath. The importance India attaches to this post is shown by Kamath's prior post as chairman of ICICI Bank, India's largest private lender. The NDB will have US$50 billion in capital and a US$100 billion currency exchange reserve that members can tap in case of balance of payment crises. The BRICS bank is important in itself but also because it is the nucleus of something which, if successfully developed, will be world-changing.”

“To understand the sheer scale of BRICS, let us compare it to the G7 group of advanced economies. BRICS countries account for over 40 percent of the world's population compared to the G7's 10 percent. BRICS contains four of the 10 countries with the world's largest populations, whereas the G7 contains only one.”

“Because all BRICS members are developing countries, their market exchange rates undervalue their economies compared to measurements at comparable international prices – Parity Purchasing Powers, or PPPs. But even without correcting for this, the latest IMF projection is that BRICS economies will increase their combined GDPs by US$7.6 trillion at market exchange rates by 2020, compared to US$6.8 trillion for the G7.”

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