Russia tackles toxic currencies

RT.com
05 Aug 2022, 05:13 GMT+10

The Central Bank suggests firms should dump their dollars and euros in favor of ?friendly? denominations

Russia's central bank has called on manufacturers and non-financial services providers to convert their dollar and euro holdings to "friendly" currencies such as the Chinese yuan.

The proposal was put forward in a document for public discussion released by the regulator on Thursday, dedicated to developing key areas of the financial market under sanctions.

"The blocking of Russian assets by unfriendly countries, as well as operational restrictions on settlements in the world's major reserve currencies, create risks for citizens and businesses when using the US dollar and the euro," the Central Bank said.

Additional measures will be taken to reduce banking operations in these currencies, the regulator added.

In May, Finance Minister Anton Siluanov called the dollar and the euro "toxic currencies" for Russia, as their use was restricted in the country amid unprecedented Western sanctions. Instead, Moscow has chosen to switch to trade in rubles and the currencies of so-called "friendly" nations, which didn't join the American, European and British sanctions against the country.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

16 ℃

Partly Cloudy in Mexico City Intl

Lifestyle

Section

UN chief voices deep concern over series of blasts in Afghanistan

New York [US], August 19 (ANI): UN chief Antonio Guterres on Friday expressed his deep concern over a series of ...

Algeria Forest Fires Kill at Least 37

cairo - Algeria's civil protection authority said Thursday that the death toll from forest fires raging in at least 26 ...

The UK education system preserves inequality - new report

Your education has a huge effect on your life chances. As well as being likely to lead to better wages, ...

Canadian immigration: We sponsor spouses - why not friends?

Faced with the winds of social change, Immigration, Refugees and Citizenship Canada (IRCC) redefined family reunification to include same-sex couples ...

Algeria Forest Fires Leave at Least 37 Dead

algiers, algeria - Wildfires raging in the forests of eastern Algeria have killed at least 37 people and wounded 161 ...

Manipur: Rajnath Singh pays homage to personnel who lost their lives in Tupul landslide

Siliguri [Assam], August 18, (ANI): Defence minister Rajnath Singh paid homage to the military personnel who lost their lives, during ...

International

Section