India will contribute 18% to BRICS $100 billion foreign exchange reserves

India will pay $18 billion to the BRICS foreign-exchange pool that would be set up to help counties under it in case they face problems with dollar liquidity.

China is paying a hefty $41 billion to the pool that includes Brazil, Russia, India, China and South Africa. India is paying the same as Brazil and Russia while South Africa would pay a relatively minimal $5 billion.

"The central banks of Brazil, Russia, India, China and South Africa have signed Operational Agreement on July 7, 2015 in Moscow. The Agreement outlines the terms of mutual support for member states in the framework of the Agreement on BRICS Pool of Conventional Currency Reserves", the Russian Central Bank has said.

The reserve would come into force on July 30.

(Image credit: Indiatimes)