The “toxic” dollar and euro will be replaced with the devaluation of the Russian banking sector by the currencies of “friendly” countries: the Chinese yuan and the Emirati dirham, Deputy Finance Minister Alexei Moiseev said in an interview with RBC.
More attractive due to the stable exchange rate against the dollar and the scale of the economy is the Chinese currency. The dollar and euro can also be replaced by other currencies from smaller markets, the deputy minister said.
Recently, Russian banks have begun to actively sell yuan to customers, including cash. Several financial organizations said they have started or are preparing to lend to companies in yuan.
The Bank of Russia named the Chinese yuan, the Indian rupees and the Turkish lira as possible candidates to participate in the Finance Ministry’s operations under the new budget rule, which has not yet been approved.
Author:
karina pardaeva
Source: RB
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