The share of the dollar and euro in the income of the 30 largest Russian exporters fell from 96 percent at the beginning of 2022 to 17 percent in September this year. This was reported by Interfax With reference to the official representative of the Central Bank of the Russian Federation.
According to Elizaveta Danilova, director of the financial stability department of the Bank of Russia, the main foreign currency for companies has now become the Chinese yuan, as well as the Russian ruble. The Central Bank believes that reducing the use of “toxic” currencies makes businesses less vulnerable to sanctions risks. At the same time, the share of transactions made in dollars and euros in foreign trade remains important.
As reported, at the end of October the yuan’s share in the Russian foreign exchange market exceeded 50% for the first time. The dollar’s share of around a third of turnover continues, while the euro’s share is falling, but so far very little.
Central Bank of Russia at the end of August approved achieving a record share of payment in rubles for export materials. According to the ministry, the share of the local currency in payments arising from sales of goods and services to America and Europe in June reached historical highs with 26.2% and 53.9%, respectively.
Russians before in the name An obvious alternative to the dollar and euro.