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Russian economy undergoes currency structure transformation — regulator

It is reported that the regulator welcomes the development of digital financial assets, but stands against using private cryptocurrency in local payments

MOSCOW, November 8. /TASS/. The active transformation of the currency structure of the Russian economy will continue, Governor of the Bank of Russia Elvira Nabiullina said on Tuesday.

"An active process of changing the structure of foreign exchange earnings continues. Our share of export earnings in national currencies, including rubles, yuan, is growing. If you look at the volume of yuan trading on the stock exchange, it has increased several times over, more than 20 times. This demonstrates the gradual restructuring of the economy's monetary structure, which will take place naturally given the current circumstances," she said.

At the same time, according to her, the regulator welcomes the development of digital financial assets, but stands against using private cryptocurrency in local payments.

Nabiullina added that in the current conditions, the Bank of Russia expects to return to the neutral key rate range of 5-6% per annum in 2025. "The key rate will be at a level to gradually reduce inflation, that is, above the neutral range (5-6%). We expect to return to neutral rate in 2025," she said.

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