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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Dollar, Euro No Longer Main Currencies in Russia's Foreign Trade, Says Central Bank Governor


Thu 11 Apr 2024 | 12:04 AM
Taarek Refaat

The head of the Russian Central Bank Elvira Nabiullina announced, Wednesday, during a meeting in the State Duma, that the American and European currencies are no longer the main currencies in Russian foreign trade.

“We have expanded the network of correspondents with banks from friendly countries, and we have continued to create conditions for settlements in national currencies, which now account for two-thirds of exports and imports, and the dollar and euro are no longer the main currencies in Russian foreign trade,” Nabiullina said.

Earlier, Nabiullina indicated that the Central Bank supports accelerating the adoption of the draft law on international settlements in cryptocurrencies, but such calculations must be implemented with a legal experimental system, according to what was reported by the Russian “TASS” agency.

Last year, Russian President Vladimir Putin said that the process of abandoning the dollar in international commercial transactions is continuing, adding that the global economic situation had been greatly damaged by unilateral Western sanctions.