MOSCOW, February 25 – RIA Novosti. To transfer settlements from dollars to national currencies, Russia needs to take a number of steps, including turning to the experience of China, Ksenia Bannikova, head of the Non-Primary Sector Economics section of the Center for Strategic Research (CSR), commented to RIA Novosti.
Russian Deputy Foreign Minister Sergei Ryabkov said in an interview with Bloomberg on Wednesday that Russia needs to reduce the role of the dollar in any transactions by eliminating “dependence on this poisonous source of constant hostilities.” However, he did not specify what measures should be taken for this.
“If we talk about the transition to settlements in national currencies, then it is important to take into account, among other things, the following features and tasks that need to be solved,” Bannikova said. First, according to her, it is necessary to develop and increase the liquidity of the markets for exchange operations in currency pairs between Russia and partner countries.
“Otherwise, the costs of organizations in foreign trade settlements due to additional conversion can only grow,” the expert explained. In addition, the market needs high-quality instruments for hedging currency risks in terms of hedging risks without using major world currencies, as well as developing lending in terms of trade finance in national currencies, the agency's source said.
At the same time, she noted that in recent years, the role of the dollar has already declined in Russian foreign trade: the share of receipts in the American currency decreased from 68.2% in 2017 to 59.1% in January-September 2020, and in transfers – from 36.3% to 35.4%. However, this decline is being replaced not so much by rubles as by euros, Bannikova said.
“In other words, we are talking not so much about the transition to settlements in rubles, but about the change in the main currency of settlements, which in general means more likely a redistribution of risks, which the de-dollarization initiative was initially aimed at minimizing, in the other direction and more active development of involvement in settlements in foreign currency “. – noted the expert.
To transfer settlements to national currencies, she said, Russia should turn to the experience of China, which used such instruments as signing swap agreements with central banks in other countries on mutual settlements and payments in national currencies, signing bilateral agreements on direct conversion of national currencies, as well as the introduction and development of its own payment infrastructure.