BUENOS AIRES, March 20. /TASS/. Conditional pool of foreign exchange reserves of the BRICS countries can be tested in 2018, told reporters the first Deputy Chairman of the CBR Ksenia Yudaeva on the sidelines of a meeting of Finance Ministers and Central Bank G20.

“Preparing for the first test this year,” said Yudaeva, responding to a question.

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Interstate Association of the BRICS. Dossier

The purpose of the functioning of the currency reserve pool is in the mutual provision of a Central banks of the BRICS countries cash in US dollars in case of problems with dollar liquidity. The agreement on creation of the pool was signed on 15 July 2014 in the framework of the BRICS summit in Brazil. The volume of the pool amounted to $100 billion, of which $41 billion makes China, Russia, Brazil and India contribute $18 billion, South Africa $5 billion.

Deputy Finance Minister Sergei Storchak previously reported that the purpose of the pooling – rapid response to sharp fluctuations in currency markets, and insurance in case of a shortage of dollar liquidity.

While the pool, according to Storchak, was supposed to be “virtual”: the Central banks of the BRICS countries agreed not to allocate funds in a separate Fund, and the establishment of a legal environment within which the money would remain in the foreign exchange reserves of the participating countries. If necessary, funds from the pool may be provided within the currency trading exchange operations to assist States parties or to prevent the liquidity crisis.

The meeting of Finance Ministers and Central Bank held on March 19-20 in Buenos Aires in preparation for the summit “Big twenty”, which will be held in the Argentine capital, from 30 November to 1 December. This year’s presidency of the G20 is Argentina.