The BRICS Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures, including currency issues, through _____ swaps among member countries.
- commodity
- currency
- debt
- equity
Answer: currency
The CRA, with $100 billion in committed funds, allows BRICS members to access short-term liquidity support via currency swaps during balance of payments pressures. It complements IMF resources and enhances financial stability among emerging economies.