DMPQ- The BRICS Contingent Reserve Arrangement (CRA)

The BRICS Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures. This includes currency issues where members’ national currencies are being adversely affected by global financial pressures. It is found that emerging economies that experienced rapid economic liberalization went through increased economic volatility, bringing uncertain macroeconomic environment. The CRA is generally seen as a competitor to the International Monetary Fund (IMF) and along with the New Development Bank is viewed as an example of increasing South-South cooperation. It was established in 2015 by the BRICS countries. The legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed at Fortaleza, Brazil on 15 July 2014. With its inaugural meetings of the BRICS CRA Governing Council and Standing Committee, held on September 4, 2015, in Ankara, Turkey it entered into force upon ratification by all BRICS states, announced at the 7th BRICS summit in July 2015.

OPSC  Notes brings Prelims and Mains programs for OPSC  Prelims and OPSC  Mains Exam preparation. Various Programs initiated by OPSC  Notes are as follows:- For any doubt, Just leave us a Chat or Fill us a querry––

Leave a Comment

[jetpack_subscription_form title=”Subscribe to OPSC Notes” subscribe_text=”Never Miss any OPSC important update!” subscribe_button=”Sign Me Up” show_subscribers_total=”1″]