https://en.sputniknews.africa/20230920/africa-enhances-settlements-with-russia-for-exports-in-friendly-currencies-bank-of-russia-says-1062237294.html
Africa Enhances Settlements With Russia for Exports in 'Friendly' Currencies, Bank of Russia Says
Africa Enhances Settlements With Russia for Exports in 'Friendly' Currencies, Bank of Russia Says
Sputnik Africa
During the Eastern Economic Forum on September 10-13, Russian President Vladimir Putin said that the restriction of payments in US dollars forced countries to... 20.09.2023, Sputnik Africa
2023-09-20T15:20+0200
2023-09-20T15:20+0200
2023-09-20T15:20+0200
sub-saharan africa
vladimir putin
sergey lavrov
russia
johannesburg
south africa
eastern economic forum (eef)
apec
eurasian economic union
ruble
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African countries in July significantly increased settlements with Russia for exports in "friendly" currencies, while reducing settlements in the Russian currency rubles, the Bank of Russia statistics showed.Thus, the settlements of African countries with Russia in "friendly" currencies in July increased to 78.8% from 39.1% a month earlier, which was the highest value since January 2021, as earlier data was not published. At the same time, the share of settlements in rubles in June was 48.3%, and in July it decreased to 12.7%, which was the lowest since June 2022.It also follows from the data of the Bank of Russia that the share of settlements of African countries with Russia using "unfriendly" currencies, mainly such as the US dollar and the euro, in July 2023 decreased to 8.5% from 12.6% in June, although in January 2021 the figure was 98.2%.Data on calculations for imports from Africa did not show rapid dynamics: the share of the ruble was 34% in July after 24.9% a month earlier, the share of "unfriendly" currencies was 47.4% after 47.8%, and "friendly" currencies decreased to 18.7% from 27.3% in June.The need to reduce the US dollar dominance was one of the major topics of the BRICS Summit in Johannesburg, which took place on August 22-24. The participants of the summit decided then to examine the possibility to shift to the use of national currencies in mutual trade.As for the Russian position on the matter, while emphasizing the importance of the use of currencies that are not subject to geopolitical manipulation and sanctions, Russian Foreign Minister Sergey Lavrov clarified in early September that Russia has no desire to "kill" the US dollar, the US itself ceases to provide for its role, which was acceptable to everyone.Speaking about other organizations’ efforts on decreasing the role of the US dollar on the international arena, Russia's senior official at Asia-Pacific Economic Cooperation (APEC), Ambassador Marat Berdyev revealed that the Association of Southeast Asian Nations is intensifying the dialogue on the use of national currencies.”Moreover, he highlighted that in the Eurasian Economic Union, according to preliminary data, already more than 90% of transactions are carried out in the currencies of the member states.
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vladimir putin, sergey lavrov, russia, johannesburg, south africa, eastern economic forum (eef), apec, eurasian economic union, ruble, de-dollarization, economy, international
Africa Enhances Settlements With Russia for Exports in 'Friendly' Currencies, Bank of Russia Says
During the Eastern Economic Forum on September 10-13, Russian President Vladimir Putin said that the restriction of payments in US dollars forced countries to think about payments in national currencies and keep savings outside of the United States.
African countries in July significantly increased settlements with Russia for exports in "friendly" currencies, while reducing settlements in the Russian currency rubles, the Bank of Russia statistics showed.
Thus, the settlements of
African countries with Russia in "friendly" currencies in July increased to 78.8% from 39.1% a month earlier, which was the highest value since January 2021, as earlier data was not published. At the same time, the share of settlements in rubles in June was 48.3%, and in July it decreased to 12.7%, which was the lowest since June 2022.
It also follows from the data of the Bank of Russia that the share of settlements of African countries with Russia using "unfriendly" currencies, mainly such as the US dollar and the euro, in July 2023 decreased to 8.5% from 12.6% in June, although in January 2021 the figure was 98.2%.
Data on calculations for imports from Africa did not show rapid dynamics: the share of the ruble was 34% in July after 24.9% a month earlier, the share of "unfriendly" currencies was 47.4% after 47.8%, and "friendly" currencies decreased to 18.7% from 27.3% in June.
The need to reduce the US dollar dominance was one of the major topics of
the BRICS Summit in Johannesburg, which took place on August 22-24. The participants of the summit decided then to examine the possibility to shift to the use of national currencies in mutual trade.
As for the Russian position on the matter, while emphasizing the importance of the use of currencies that are not subject to geopolitical manipulation and sanctions, Russian Foreign Minister Sergey Lavrov clarified in early September that Russia
has no desire to "kill" the US dollar, the US itself ceases to provide for its role, which was acceptable to everyone.
Speaking about
other organizations’ efforts on decreasing the role of the US dollar on the international arena, Russia's senior official at Asia-Pacific Economic Cooperation (APEC), Ambassador Marat Berdyev revealed that the Association of Southeast Asian Nations is intensifying the dialogue on the use of national currencies.”
Moreover, he highlighted that in the Eurasian Economic Union, according to preliminary data, already more than 90% of transactions are carried out in the currencies of the member states.
