BRIC nations surpass G-7 in forex, gold holdings
Friday, 05 May , 2006, 14:28
Tokyo: Brazil, Russia, India and China, referred to as BRIC group that currently manifests the world's highest economic growth rate, have surpassed G7 countries in their forex /gold holdings for the first time in history.
As of the end of March, the aggregate holdings of BRIC amounted to $1,292,200 million, according to estimates published on Thursday in Japan's leading economic newspaper, 'Nihon Keizai'.
As compared with the state of affairs in this respect as of the end of 2004, the forex/gold holdings of BRIC went up by 40 per cent. | Go to Sify Business Home page |
At the same time, the forex /gold reserves of G7 countries (Britain, Germany, Italy, Canada, the United States, France, and Japan) amounted to $1,253,900 million, said the paper.
At present, China accounts for 68 per cent of forex/gold reserves of BRIC countries. However, according to the estimates of Japanese experts, the growth of its forex/gold reserves has slowed down while those of Russia, India and Brazil now increase by more than 10 per cent a year. |Sebi comes down on IPO scamsters.Check out|
BRIC countries, the daily wrote, will continue to increase their influence on the world currency market while having a mounting impact on the rate of the US dollar, in particular. |
