BRICS Contingent Reserve Arrangement starts operations

The BRICS Contingent Reserve Arrangement (CRA) has become fully operational following the inaugural meetings of the CRA Board of Governors and the Standing Committee in Ankara.

"The first meetings of the governing bodies mark the start of a full-scale operation of the BRICS Contingent Reserve Arrangement as an international institution with activities set to enhance and strengthen cooperation," a report from Russia's Central Bank states.

The Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed at Fortaleza in July 2014, entered into force on July 30, 2015.

The overall volume of the Contingent Reserve Arrangement is $100 billion with China contributing $41 billion, Brazil, India and Russia $18 billion each, and South Africa $5 billion.