Shift to national currencies in transactions between Russia, Brazil to support trade - PM Medvedev

MOSCOW, September 16. / TASS /. Transition of Russia and Brazil to calculations in national currencies will support trade between the two countries against surges on the market of reserve currencies, Russian Prime Minister Dmitry Medvedev said after talks with Brazilian Vice President Michel Temer on Wednesday. "I think we are quite able to look at the prospects of cooperation of the ruble and the real, in terms of our relationship. It would definitely support us against surges on the reserve currencies markets, or in any case, alleviate the effects of such shocks," he said. Michel Temer and Dmitry Medvedev agreed to continue studying this issue, noting some difficulties in this area. Russian PM added that since financial instability arose in end-2008 "all member-countries of the "twenty", which we then invented, have been thinking how to strengthen the financial component of the global economy." "We consider it absolutely correct to up the number of reserve currencies to decrease our dependence on leading reserve currencies - whether this be the US dollar, the euro or some other reserve currencies," Medvedev said. A shift to calculations in national currencies between different countries is another step in this direction, he added. "Though not simple, this is still possible as our experience of cooperation with a number of countries shows," he said, adding that the People’s Republic of China uses this form of cooperation very actively. Read more