BRICS Bank to help stabilize world economy – Putin

BRICS Bank: The setting up of the BRICS development bank and a pool of reserve currencies may help stabilize the international capital markets in the event of another world economic crisis, President Putin told a meeting of BRICS leaders when they met at the G20 summit this weekend. Putin also used the meeting to formally invite the leaders to a summit in Ufa (capital of Bashkortostan) on July 8-9 next year. Russia takes over the rotating presidency of BRICS next April and is drawing up a draft economic strategy and an “investment cooperation roadmap”, both of which are likely to be on the agenda in Ufa. ITAR-TASS