President of BRICS New Development Bank to be appointed

BRICS Leaders decided to designate the president and vice presidents of the New Development Bank.

BRICS finance ministers were tasked to appoint the president by the next BRICS Summit. In addition, the Board of Directors will be formed, which will manage the next stage of the bank's establishment.

BRICS Leaders also instructed the heads of central banks to ensure within the same timeframe the adoption of an agreement between central banks, which is stipulated by the Contingent Reserve Arrangement (CRA).

In addition, BRICS finance ministers and central bank governors will have to adopt by the next summit the rules of procedure and operational guidelines of the Governing Council and the Standing Committee of the CRA.