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Tue, 01/30/2024 - 13:54

Russia Uses National Currencies in 85% of Trade With BRICS - Central Bank Head

MOSCOW (Sputnik) - The share of the BRICS countries in Russia's trade balance has doubled in two years to 40%, and settlements with those countries in national currencies have more than tripled to 85%, Russian Central Bank Head Elvira Nabiullina told Sputnik.


National Currencies in Trade Within Brics


"Their share in trade with BRICS is now about 85%, two years ago it was 26%," Nabiullina said, commenting on the share of national currencies in Russia's trade with BRICS.


The share of the BRICS countries in Russia's foreign trade has significantly grown, she added.


"It has become much higher, now it is about 40%. In 2022 it was less than 30%, and in 2021 it was about 20%," Nabiullina underlined.

Considering Use of Digital Currencies


The Russian Central Bank is currently negotiating with many friendly countries on cross–border settlements in digital currencies, Nabiullina also mentioned.


"We are currently holding consultations and negotiations with many friendly countries and, of course, with the BRICS countries on cross-border settlements in digital currencies. And I think that in the future they will certainly develop," she noted.


Many countries are now thinking about introducing digital currencies of central banks, Nabiullina added.


Other Countries Joining Russia's Financial Transfer System

Russia is also discussing the integration of national financial messaging systems with other BRICS members.

"Russia has a Financial Messaging System [SPFS] that is an alternative to SWIFT. Some other countries have a similar infrastructure. We are discussing the interaction of such platforms, but the interest and technical readiness of our partners are important here," Nabiullina emphasized.

There are currently 159 foreign participants from 20 countries that have already joined the Russian platform.


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