India to put $18 bn in BRICS reserve fund

The BRICS group of emerging economies will contribute $100 billion to a fighting fund to steady currency markets destabilised by an expected pullback of US monetary stimulus, Russian President Vladimir Putin said on Thursday. But it will be much smaller than the $240 billion originally envisaged. "The initiative to establish a BRICS currency reserve pool is at its final stage," Putin said at meeting of BRICS leaders during the G20 summit.

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