Fin24

Brics bank study results due next year

2012-09-06 15:55

Johannesburg - The results of a feasibility study into a Brics (Brazil‚ Russia‚ India‚ China‚ and SA) development bank will be made public at the next Brics summit in SA next year‚ Reserve Bank deputy governor Daniel Mminele said on Thursday.

The feasibility study into the Brics development bank is currently being conducted.

Speaking at an event‚ Mminele said Brics leaders hoped that once set up‚ the bank would mobilise resources for development in the member countries.

Mminele said SA's inclusion in the Brics in April 2011 had increased its ability to “influence the global agenda”‚ while also allowing more opportunities for the African continent.

SA's financial market was sound and met international standards‚ Mminele said. He noted that regulation of financial markets‚ including innovation within the sector‚ was important in order to monitor potential risks.

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