Russia and Ethiopia should begin a dialogue on the use of national currencies in mutual trade. About this in an interview on March 3 “RIA News” said Ambassador to the Russian Federation Cham Ugala Uryat.
He noted that he sees no problems in using national currencies in trade between countries. The ambassador also expressed hope for early negotiations on this matter. In his opinion, the use of national currencies is a good format for cooperation, citing Russia, China, India and Saudi Arabia as examples.
“I only see benefits in this. If Ethiopia wants to buy something from Russia, we can easily use Ethiopian Birr,” he said.
The diplomat also noted that the biggest problem is the issue of financial transfers.
On February 28, Deputy Minister of Finance of the Russian Federation Ivan Chebeskov, on the sidelines of a summit in Sao Paulo, Brazil, held on February 28–29, said that the majority of BRICS countries support moving away from the US dollar towards settlements in national currencies. According to him, most of the countries of the association noted the need to build new settlement mechanisms, and also shared their experience in the development of digital currencies of central banks.
Earlier this day, it was reported that the Russian Ministry of Finance, together with the Bank of Russia and partners within the BRICS association, will prepare a number of initiatives, including considering the issue of creating a multilateral digital settlement and payment platform BRICS Bridge. It was specified that a report will be prepared to the leaders of the BRICS countries on improving the international monetary and financial system. It will contain initiatives and recommendations, and the result of the report may be the BRICS Bridge platform.
Russian President Vladimir Putin said on February 16 that Russia intends to expand international alliances with friendly countries. He called for building cooperation chains with colleagues from the EurAsEC, BRICS countries, and with other states and associations that are ready to work together
Prior to this, on January 1, the Russian leader announced the desire of about 30 countries to join BRICS. He noted that the association is attracting more and more like-minded people. According to him, the Russian Federation this year, during its chairmanship in the organization, will work to increase its role in the international monetary and financial system.
BRICS consists of 10 countries: Russia, Brazil, India, China, South Africa, Egypt, Iran, United Arab Emirates (UAE), Saudi Arabia and Ethiopia.
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