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Russian, Indian domestic currency settlements via Sber up 4-fold in Q1

The rupee has firmly become the second-largest accounting currency in Sber after the Russian ruble, which is the main accounting currency, Anatoly Popov noted

MOSCOW, June 5. /TASS/. The volume of Russian and Indian domestic currency settlements via Sber’s infrastructure soared four-fold in Q1 in annual terms, deputy chairman of the bank’s executive board Anatoly Popov said in an interview with TASS before the St. Petersburg International Economic Forum (SPIEF).

"It is safe to say already now that payments in domestic currencies turned into an absolutely familiar and clear mechanism over the past couple of years. In 2023, the volume of settlements in rupees/rubles between Russia and India via Sber’s infrastructure climbed 11-fold in annual terms. This year the growth has continued as we saw a four-fold rise in Q1 2024 year-on-year," he said.

The rupee has firmly become the second-largest accounting currency in Sber after the Russian ruble, which is the main accounting currency, Popov added.

Speaking about prospects of other soft currencies regarding lending or financial borrowing, most Sber clients take much interest in deposits or loans in the yuan, he noted. "Yuan is obviously a kind of market maker for large Russian companies that are first of all involved in export," he said.

The St. Petersburg International Economic Forum (SPIEF) will be held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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