US Dollar & Euro Cease to Be Main Currencies in Russia's Foreign Trade, Country's Central Bank Says

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Central Bank of Russia - Sputnik Africa, 1920, 10.04.2024
The share of the Russian ruble in settlements with African countries has more than doubled from 2022 to 2023, data published by the Central Bank of Russia in mid-March showed. The share of unfriendly countries' currencies in Russia's trade with Africa has more than halved, while that of friendly countries has almost tripled, the data showed.
The US dollar and the euro have ceased to be the main currencies in Russia's foreign trade, Head of the country's Central Bank Elvira Nabiullina said.
Two-thirds of export and import payments are carried out in local currency, she added, presenting the Central Bank's annual report for 2023 to the Russian lower House of Parliament, the State Duma.
According to her, the exchange of financial information within the country has mainly shifted to the Russian System for Transfer of Financial Messages (SPFS), and the exchange via SWIFT within Russia has completely stopped.
"The SPFS has been used much more actively for external calculations. In total, more than 160 foreign participants from 20 countries have joined our system," Nabiullina added.
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She noted that all these are elements of a "new sanctions-resistant infrastructure for cross-border settlements," but there is still a lot of work to be done with Russia's key partners.
"We will also discuss these issues within the framework of Russia's BRICS presidency this year," the Central Bank head concluded.
In mid-March, the Central Bank disclosed that the use of the Russian ruble in transactions with African countries has more than doubled from 2022 to 2023. Meanwhile, the percentage of unfriendly countries' currencies being used in trade with Africa has decreased by more than half, while the usage of friendly countries' currencies has nearly tripled.