At the 6th BRICS summit in July 2014 the BRICS nations ( Brazil , Russia , India , China , and South Africa ) announced the BRICS Contingent Reserve Arrangement ( CRA ) with an initial size of US$ 100 billion , a framework to provide liquidity through currency swaps in response to actual or potential short-term balance-of-payments pressures
6th BRICS summit
6th BRICS summit
International Monetary Fund