Russia ready to counter ‘excessive domination’ of certain reserve currencies — Putin

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“We will also work towards a more balanced distribution of quotas and voting shares within the IMF and the World Bank,” Putin said

MOSCOW, September 1. /TASS/. Russia is ready to join forces with its partners to counter excessive domination’ of the limited number of reserve currencies, Russian President Vladimir Putin said in his article in the run-up of the BRICS summit published on Friday.

“We are ready to work together with our partners to promote international financial regulation reforms and to overcome the excessive domination of the limited number of reserve currencies. We will also work towards a more balanced distribution of quotas and voting shares within the IMF and the World Bank,” Putin said in his article, headlined “BRICS: Towards New Horizons of Strategic Partnership,” to be published by the leading media of the BRICS states (Brazil, Russia, India, China and South Africa) ahead of the group’s summit due on September 3-5 in China.

Unfairness of global financial architecture

According to the Russian leader, Russia shares the BRICS countries’ concerns over the unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies.

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