The Central Bank of Russia intends to speed up the process of phasing out the use of foreign currencies, and within this framework, additional measures will be taken to reduce banking operations in dollars and euros.
This is stated in the report of the Bank of Russia (Central Bank of Russia) on the development of the financial market in Russia in the light of Western sanctions.
The report of the Russian Central says: “Under the current conditions, it seems inevitable that the use of currencies of unfriendly countries in the course of internal and external payments is inevitable. The central will help accelerate the process of reducing the volume of banking transactions (in dollars and euros) by introducing additional regulatory measures.”
Russian Central recommends that the government issue directives to state-owned companies on the transfer of their money from the currencies of unfriendly countries (dollar and euro) to the currencies of other countries.
Since last February, Western countries have begun to freeze the foreign assets of Russian banks, as well as to limit the operations of Russian banks pegged to the world’s major reserve currencies, and the Russian Central indicated that these currencies have become “toxic” for use in international and domestic payment transactions.
Source: RIA Novosti + Prime