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 Iraq Sun.

More Information

43 ℃

Blowing Dust / Windy in Baghdad

International

Section

Would a new Cold War be in the best interest of the United States?

As China unleashed live-fire military exercises off the coast of Taiwan, simulating a real "reunification by force" operation in the ...

Myanmar deposed leader Aung San Suu Kyi to serve six additional years in prison

NAYPYIDAW, Myanmar - According to a legal official, a court in Myanmar has sentenced former leader Aung San Suu Kyi ...

China, Nepal to build rail, communications network across Himalayas

BEIJING, China: Following a meeting between their foreign ministers, China and Nepal have agreed to build the Trans-Himalayan Multi-Dimensional Connectivity ...

Heatwave continues in China as temperatures exceed 40C

BEIJING, China: Several regions in China experienced temperatures exceeding 40 degrees Celsius, including the major southwestern city of Chongqing.The country's ...

California seeks $1.4 billion to keep nuclear plant open

SACRAMENTO, California: California Governor Gavin Newsom is proposing to give a $1.4 billion government loan to extend the life of ...

With Covid cases increasing, India's New Delhi continues mask mandate

NEW DELHI, India: A government order released to reporters this week said New Delhi will continue to enforce a mask ...

Arab

Section