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World Bank & IMF ‘corroded’ – Jim Rogers to RT

The world needs alternatives to the US-dominated ‘corroded’ World Bank and the IMF, investment guru Jim Rogers told RT at the International Economic Forum in St. Petersburg. The BRICS countries could compete and replace them, he added.

“The world needs something to compete with the US-dominated institutions, some of them - the World Bank and the IMF- have become corroded and ineffective. So, if BRICS offer any new structures that can compete with these long-standing decomposed institutions, it will be very good. Good for the whole world, including Russia and China,” Rogers said.

Speaking about the lessening economic influence of the US dollar, the investor said its leading position can eventually be taken by another global currency.

“There’s not much alternative right now but eventually the US dollar is going to be replaced with something else, perhaps the Chinese renminbi,” Rogers said.

Rogers described the Russian market in April as one of the best investment opportunities. He told RT that he continues to buy Russian shares and recommended others to do so.

READ MORE: Russian ruble seen as world’s best performing currency, hits 2015 high

He thinks Western sanctions had not much effect on the Russian economy, which was down mainly because of the oil prices. The sanctions were more a psychological blow when they first came but they pushed Russia to closer cooperation with Asia, he claimed.

“Sanctions eventually had a good effect because they are driving Russia and Asia together, and Asia is a huge market with great potential. So, in the end it’s going to be good for Russia.”