This past week marked the 70th anniversary of the Bretton Woods agreement, which reshaped the international financial system by creating both the International Monetary Fund and the World Bank. Fortuitously, this month also marks the creation of the new so-called “BRICS Bank”, a new multilateral development bank, operated by Brazil, Russia, India, China, and South Africa
The BRICS bank is born out of politics
Gateway House's Co-founder and Executive Director Manjeet Kripalani's blog on the BRICS bank for The Financial Times was quoted in an article in the Forbes magazine. In her piece, Ms Kripalani had argued that there was a strong case for the bank to be headquartered in Mumbai