BRICS countries will be able to make 40-50% of settlements in national currencies soon - VTB head

UFA, July 8. /TASS/. The countries of BRICS /Brazil, Russia, India, China, South Africa/ will be able to make 40-50% of settlements in national currencies in the near future, head of VTB Andrey Kostin said in an interview with Rossiya 24 TV channel. "It is quite realistic that 40-50% of our mutual trade settlements will be made in national currencies in the coming years," - Kostin said. According to him, the process has already started. "If we take China's foreign trade today, a significant part of the payments is already made in yuans," - he said. Payments in national currencies contribute to the strengthening of stability in relations between BRICS, Kostin said. "I think that in the mid-term, we can’t say that the dollar will lose its position as the number one currency. But the role of national currencies in the mutual trade turnover will continue to grow,"- he said. Russian and Chinese Finance Ministries and Central Banks plan to sign a memorandum of cooperation on financial markets and use of national currencies in mutual settlements. Read more