The '' ' BRICS Contingent Reserve Arrangement ' '' ( '' ' CRA ' '' ) is a framework for providing protection against global liquidity pressures . This includes currency issues where members ' national currencies are being adversely affected by global financial pressures . It is found that emerging economies that experienced rapid economic liberalization went through increased economic volatility , bringing uncertain macroeconomic environment . The CRA is generally seen as a competitor to the International Monetary Fund ( IMF ) and along with the New Development Bank is viewed as an example of increasing South-South cooperation . It was established in 2015 by the BRICS countries . The legal basis is formed by the '' Treaty for the Establishment of a BRICS Contingent Reserve Arrangement '' , signed at Fortaleza , Brazil on 15 July 2014 . With its inaugural meetings of the BRICS CRA Governing Council and Standing Committee , held on September 4 , 2015 , in Ankara , Turkey it entered into force upon ratification by all BRICS states , announced at the 7th BRICS summit in July 2015
7th BRICS summit
7th BRICS summit
BRICS