BRICS to boost Trading in Local Currencies

Business News: During the fourth summit of BRICS Counties - Brazil, Russia, India, China and South Africa in New Delhi, the member countries have signed two currency pacts that would boost the trading in local currency.

The countries have also expressed their concern over the excess liquidity in the domestic market dampening the hopes of the retain investors and tumbling the stock markets.

The major five countries have been discussing various issues including the global financial crisis in New Delhi. The member countries have reportedly agreed for setting up South-South Development bank, funded by BRICS.