The use of the dollar in mutual settlements of the countries of the Eurasian Economic Union (EAEU) decreased to 21% of the total volume of transactions, while payments in national currencies reached about 75%. On Saturday, August 20, he said in an interview TASS Deputy Foreign Minister of the Russian Federation Alexander Pankin.
“The issue of increasing the share of national currencies in mutual settlements has been on the agenda of the EAEU since its inception. During this time, payments in national currencies between the countries of the Union reached about 75% of the total volume of transactions, and the use of the dollar decreased to 21%,” he said.
Earlier that day, the Deputy Foreign Minister of the Russian Federation pointed to Moscow’s plans to get away from the “toxic” dollar and euro in trade, economic and investment relations with partners.
Earlier, on August 11, Aleksey Fedorov, a leading economist at the TeleTrade information and analytical center, told Izvestia that instead of creating a joint reserve currency, the BRICS countries now need to debug payment channels in national currencies, maximizing their use in trade relations, jointly fine-tuning the principles of exchange rate formation.
According to him, then it will be possible to try on the common currency of the union for all this trade turnover in national currencies, provided that China wins the fight with the United States or gets a clear advantage in it.
On the same day, Mikhail Shulgin, head of the global research department at Otkritie Investments, said that an international reserve currency based on the basket of currencies of the BRICS countries could replace the dollar. According to him, the new currency could make it possible to avoid financial and infrastructural risks of individual currencies of the participants in the interstate association. It would also protect the countries of the alliance from the risks associated with settlements in dollars and euros.
Back in April, the director of the first department of the CIS countries of the Russian Foreign Ministry, Mikhail Evdokimov, said that the EAEU countries are trying to get away from the dollar in mutual settlements, even before the latest sanctions, more than 70% of transactions were carried out in national currencies.
The EAEU includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The union treaty entered into force on January 1, 2015. In 2018, Moldova received the status of an observer state, in 2020 – Uzbekistan and Cuba.
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