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March 30th, 2012 
FAKE NEWS for the Zionist agenda
International Business Times
March 29, 2012
The BRICS nations signed two agreements aimed at promoting trade in local currencies on Thursday.
The two agreements, of which one will provide line of credit to the business community, while the other will examine the possibility of setting up a development bank, were signed by officials of the five member countries Brazil, Russia, India, China and South Africa, Reuters reported.
“The agreements signed today by development banks of BRICS countries will boost trade by offering credit in our local currency,” Prime Minister Manmohan Singh said in a media statement after the meeting, PTI report said.
The move is seen as an effort by the five emerging economies to shield themselves from the eurozone crisis and to strengthen the local currencies against the dollar. By offering credit in local currencies, the BRICS nations plan to reduce the dependency on fully convertible currencies, aiding in reducing conversion overheads.
These intra-BRICS initiatives are aimed at boosting trade between member countries and the proposed BRICS development bank would help member countries pool their resources effectively for infrastructure development, a PTI report said.
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