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Bank of Russia sees problems with cross-border settlements, in dialogue with partners

Elvira Nabiullina noted that the Bank of Russia is carefully studying digital payment instruments and sees their prospects

MOSCOW, September 13. /TASS/. The Bank of Russia is monitoring the dynamics of international settlements and discussing new payment means, including digital currencies, with partner countries, head of the regulator Elvira Nabiullina said at a press conference following the meeting of the Central Bank's board of directors on the key rate.

"Of course, finding different mechanisms for cross-border settlements is in focus of our actions," she said.

Nabiullina noted that the Bank of Russia is carefully studying digital payment instruments and sees their prospects.

"Yes, there are prospects for using digital financial assets, digital currencies of central banks - we are ready for this. But it is important that we find mutual understanding with our partners here," she added.

According to Nabiullina, the Bank of Russia "works with all partners both in a bilateral format and in a multilateral format, within BRICS." Problems with international payments have a negative impact on the volume of Russia's foreign trade, as does the decline in energy prices, the head of the regulator said. She noted that "in recent months, the situation with cross-border payments has become more complicated for importers."

"In the meantime, the decline in prices for key Russian goods led to a slight reduction in exports in July-August. Since imports remained at the same level, the foreign trade balance as a whole decreased," Nabiullina said.