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Transition to friendly currencies is priority in international payments — regulator

"It is also necessary to support a sufficient amount of funds at correspondent accounts with foreign banks to make payments," the Central Bank added

MOSCOW, November 29. /TASS/. A transition to currencies of friendly states in international export and import payments is the priority for years to come, the Bank of Russia said in its financial market development guidelines for 2023 and the period of 2024-2025.

"The significance of currencies of friendly states has increased amid the structural transformation of the economy and the withdrawal from the use of currencies of unfriendly states in payments. The priority is to support the balanced transition to currencies of friendly states in international payments. It is also important that the transition to currencies of friendly states was smooth in export operations, imports and payments against the financial account (where ‘toxic’ currencies are predominantly used at present)," the regulator noted.

"It is also necessary to support a sufficient amount of funds at correspondent accounts with foreign banks to make payments," the Central Bank added.

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