https://sputnikglobe.com/20240130/russia-uses-national-currencies-in-85-of-trade-with-brics---central-bank-head-1116491290.html
Russia Uses National Currencies in 85% of Trade With BRICS - Central Bank Head
Russia Uses National Currencies in 85% of Trade With BRICS - Central Bank Head
Sputnik International
The share of the BRICS countries in Russia's trade balance has doubled in two years to 40%, and settlements with those countries in national currencies have more than tripled to 85%, Russian Central Bank Head Elvira Nabiullina told Sputnik
2024-01-30T10:34+0000
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National Currencies in Trade Within Brics"Their share in trade with BRICS is now about 85%, two years ago it was 26%," Nabiullina said, commenting on the share of national currencies in Russia's trade with BRICS. The share of the BRICS countries in Russia's foreign trade has significantly grown, she added. Considering Use of Digital Currencies The Russian Central Bank is currently negotiating with many friendly countries on cross–border settlements in digital currencies, Nabiullina also mentioned.Many countries are now thinking about introducing digital currencies of central banks, Nabiullina added.Other Countries Joining Russia's Financial Transfer SystemRussia is also discussing the integration of national financial messaging systems with other BRICS members. There are currently 159 foreign participants from 20 countries that have already joined the Russian platform.
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Russia Uses National Currencies in 85% of Trade With BRICS - Central Bank Head
10:34 GMT 30.01.2024 (Updated: 10:35 GMT 30.01.2024) MOSCOW (Sputnik) - The share of the BRICS countries in Russia's trade balance has doubled in two years to 40%, and settlements with those countries in national currencies have more than tripled to 85%, Russian Central Bank Head Elvira Nabiullina told Sputnik.
National Currencies in Trade Within Brics
"Their share in trade with BRICS is now about 85%, two years ago it was 26%," Nabiullina said, commenting on the share of national currencies in Russia's trade with BRICS.
The share of the BRICS countries in
Russia's foreign trade has significantly grown, she added.
"It has become much higher, now it is about 40%. In 2022 it was less than 30%, and in 2021 it was about 20%," Nabiullina underlined.
Considering Use of Digital Currencies
The Russian Central Bank is currently
negotiating with many friendly countries on cross–border settlements in digital currencies, Nabiullina also mentioned.
"We are currently holding consultations and negotiations with many friendly countries and, of course, with the BRICS countries on cross-border settlements in digital currencies. And I think that in the future they will certainly develop," she noted.
Many countries are now thinking about
introducing digital currencies of central banks, Nabiullina added.
Other Countries Joining Russia's Financial Transfer System
Russia is also discussing the
integration of national financial messaging systems with other BRICS members.
"Russia has a Financial Messaging System [SPFS] that is an alternative to SWIFT. Some other countries have a similar infrastructure. We are discussing the interaction of such platforms, but the interest and technical readiness of our partners are important here," Nabiullina emphasized.
There are currently 159 foreign participants from 20 countries that have already joined the Russian platform.
