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Russian Central Bank may launch multilateral swap system

July 01, 2014, 16:21 UTC+3 ST. PETERSBURG
President Vladimir Putin during his visit to China suggested that the countries establish new mechanisms on managing the currency reserves of the two countries to the currencies more stable
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© ITAR-TASS/Mikhail Dzhaparidze

ST. PETERSBURG, July 01. /ITAR-TASS/. The Russian Central Bank is discussing a multilateral swap system with the use of foreign currency reserves, CBR Chairwoman Elvira Nabiullina said during a briefing on Tuesday.

“Together with China and our BRICS partners we are discussing the creation of a system of multilateral swaps which will help provide resources to one or another country if needed, and part of our foreign currency reserves can be used for this,” Nabiullina said, adding that she plans to visit China next week.

The rouble-yuan swap is almost ready, she said.

In May, President Vladimir Putin during his visit to China suggested that the countries establish new mechanisms on managing the currency reserves of the two countries to the currencies more stable.

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