The Central Bank of the Russian Federation announces a decrease in the share of the dollar and the euro in external settlements

The share of the dollar and the euro in Russia’s external payments has fallen by more than a third since the beginning of this year, to 50%, after 79% at the beginning of the year.

This happened as part of a report including a review of the financial stability in the country, and the Russian regulator said that most of the export-import payments are still made in dollars and euros, and that these payments have now become very difficult due to the fact that a large percentage of banks have been sanctioned and are unable to conduct such transactions, and some banks are splitting from Swift.

The Central Bank added that 50% of foreign settlements are in currencies alternative to the dollar and the euro, while the figure at the beginning of the year was at the level of 21%.

“The organization of payments in alternative currencies is associated with its own difficulties, since the necessary infrastructure must be created, which is currently being worked on,” the message says.

He pointed to the share of the yuan in foreign exchange trading in Russia, which rose from 3% recorded in March last year to 33% in November last year. Chinese currency.

He also pointed to an increase in the volume of trading in the currencies of other friendly countries by 6 times monthly, from 6.5 billion rubles in March 2022 to 39.4 billion rubles in September 2022.

The Central Bank of the Russian Federation reported that retail purchases of Russian shares in the period from March to September this year exceeded sales by 475 billion rubles, lending organization.

Source: Prime

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