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Bank of Russia calls transition to settlements in national currencies vital

It is extremely difficult to instantaneously restructure the entire settlement system from yesterday's reserve currencies, the regulator's first deputy governor Vladimir Chistyukhin stressed

Bank of Russia Valery Sharifulin/TASS

Bank of Russia

© Valery Sharifulin/TASS

MOSCOW, June 23. /TASS/. The Bank of Russia considers it fundamentally important to switch to settlements in national currencies, primarily in rubles, the regulator's first deputy governor said on Thursday.

Vladimir Chistyukhin noted the regulator is working with Russian banks and the government to move away from the dollar and the euro in settlements.

"We believe it is critical that entrepreneurs transition to payments in national currencies, mainly the ruble. However, we are willing to accept other currencies in settlements," he said.

According to him, many partners see the need to move in this direction, but "it is extremely difficult to instantaneously restructure the entire settlement system from yesterday's reserve currencies - the dollar and the euro - to other foreign currencies."

"Now, together with credit organizations, with the Russian government, we are doing a lot of work to change this state of affairs, so that we move from the dollar and the euro toward national currencies," Chistyukhin said, adding that progress is being made and that settlements in rubles are growing.

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