South Africa (SA) is attending its second meeting of the BRICS group of countries: Brazil, Russia, India, China and SA. The summit, which took place today March 29 2012, in India, is themed "BRICS Partnership for Global Stability, Security and Prosperity".
In his address to the BRICS summit, India’s Prime Minister, Dr. Manmohan Singh said, “We have agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank…”
A March edition of the Financial Times noted that “During the upcoming BRICS summit, Brazil, Russia, India, China and South Africa are due to sign an agreement to grant one another loans in their national currencies…The move is almost certain to weaken the position of the dollar.”