190943986The much-anticipated BRICS Contingency Reserves Arrangement (CRA) signed during the sixth summit of the world’s five largest emerging world economies will serve as the necessary assistance to the countries in two cases, the head of the Russian Central Bank Elvira Nabiullina said. “This is the so-called preventive mechanism, when there is pressure on a [country’s] balance of payments, to avoid a speculative attack on the national currency,” Nabiullina told journalists on the sidelines of the BRICS Summit, outlining the first reason for a country to request access to such resources. More