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 Manufacturing Mirror.

More Information

31 ℃

Mostly Cloudy in Seletar

Small Business

Section

Telegram CEO lashes out at Apple and Google

Pavel Durov accuses US tech giants of harming app developers with their long review processes and profit cutsRussian-born software entrepreneur ...

Police Raid Peru President's Home in Search of Relative

Lima, Peru - Police on Wednesday raided the private home of Peruvian President Pedro Castillo, local media reported, in search ...

WB SSC recruitment scam: CBI arrests former SSC Advisor and Chairman

Kolkata (West Bengal) [India], August 10 (ANI): Central Bureau of Investigation (CBI) on Wednesday arrested former School Service Commission (SSC) ...