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The Brazilian Government, as depositary of the Treaty for the Establishment of a Contingent Reserve Arrangement of the BRICS (CRA) registers with satisfaction that the reception process of ratification letters of aforementioned Treaty was completed today.

Signed on July 15, 2014, at the Fortaleza Summit , the agreement will enter into force in 30 days.

The CRA aims to provide temporary resources to BRICS members facing pressures on their balance of payments. The instrument will contribute to promoting international financial stability, in that it will complement the current global financial safety net. The mechanism will also strengthen the confidence of economic and global financial agents and mitigate the risk of contagion of possible shocks that may affect the economies of the group.

In the case of the New Development Bank (NDB), the completion of the ratification process is expected next week, having been receveid the letters of ratification from Brazil, Russia, India and South Africa.

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