Russia presses for BRIC nations to protect currencies

Russian president Dmitri Medvedev today said the country should act with its BRIC peers to prevent attacks on their currencies and stock markets by speculators.

He called for a "mutual exchange of information about possible speculative attacks on forex, equities and resource bourses".

Medvedev also said the BRIC countries — Brazil, Russia, India and China — should continue getting a bigger say within G20 and take coordinated action to protect economic stability.

"We believe it is important to take joint economic security actions," he wrote in an article headed "BRIC countries: joint goals — joint actions."

The global economic crisis hit oil-dependent Russia much harder than its BRIC peers with its economy sinking by 7.9% last year.

Moscow has increasingly used the BRIC platform to support its political and economic agenda.