BRICS bank will take time

The BRICS bloc of emerging economies has agreed on the structure of a proposed development bank with $50bn in capital, but ironing out “difficult” details may take months, Russian deputy finance minister Sergei Storchak said. “We must assume that the bank will not start functioning as fast as one could imagine,” Storchak said today. “It will take months, maybe a year.” The nations will discuss the bank at this week’s G20 meeting in St Petersburg.