April 14, 2011 / 9:13 AM / 8 years ago

Inida official: BRICS currency deal not to diminish USD's importance

NEW DELHI, April 14 (Reuters) - An agreement on local currency credits reached at a meeting of the BRICS group of emerging market powers was not been designed to diminish the importance of the dollar as a reserve currency, an officail in India’s Ministry of External Affairs said on Thursday.

The development banks of the five BRICS nations — Brazil, Russia, India, China and new entrants South Africa — agreed at a meeting in China to establish mutual credit lines denominated in their local currencies, not the U.S. currency. [ID:nL3E7FE0AV] (Reporting by Abhijit Neogy; Editing by Kim Coghill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below