Russia could increase the share of trade operations in national currencies with other countries using digital currencies. In the EAEU, such currencies are developed by the central banks of Russia and Kazakhstan. In this respect writer Kommersant refers to the discussion at the Eurasian Economic Forum.
The increase in the trade share of Russia in national currencies is limited by the ratio of imports and exports with a particular country. An alternative way to carry out payment transactions could be the use of digital currencies. In the EAEU, such currencies are developed by the central banks of Russia and Kazakhstan – it is assumed that their launch will reduce the costs of cross-border payments and increase the efficiency of trade.
According to Ksenia Yudaeva, First Deputy Governor of the Central Bank, the prospects for trading in digital national currencies are being evaluated by many financial institutions around the world. Therefore, experts need to solve exchange rate issues when using such assets.
The publication noted that bilateral trade in national currencies is currently complex due to the balance of imports and exports. Therefore, it is more convenient for many market participants to work in dollars and euros. At the same time, market experts thought that payments in national currencies could only be a temporary solution, as it is necessary to expand the clearing zone in the long run.
May 24, Deputy Prime Minister of the Russian Federation Alexei Overchuk declarationSaying that trade between EAEU countries reached $83.3 billion in 2023, such indicators show that “integration bears fruit”.