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.

The Ministry of Finance described the advantages of the yuan as a replacement for the dollar and the euro in Russia

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.

Aleksey Moiseev believes that in order for the currency to spread in the country’s turnover, it is necessary to have properties such as exchange rate stability, liquidity, and, moreover, there should be no restrictive monetary control.

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.


karina pardaeva

Source: RB

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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.


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