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West’s financial policy makes keeping reserves in their currencies risky — minister

According to Siluanov, the dollar will still be able to maintain its popularity as a payment unit in the coming years, but BRICS nations are already expanding the use of national currencies

MOSCOW, October 10. /TASS/. The West’s financial instability makes the use of Western currencies to keep reserves very risky, Russian Finance Minister Anton Siluanov said.

"The policy of countries issuing the so-called reserve currencies, including the dollar, certainly, gives rise to many questions. Their budget deficits are growing and their national debt is increasing. In the United States, for example, it is already about 120% of GDP. All of this is done without any restrictions, and we and our G20 colleagues are asking ourselves: what are the prospects for these countries?" he said in an interview with RT Arabic.

According to Siluanov, the dollar will still be able to maintain its popularity as a payment unit in the coming years, but BRICS nations are already expanding the use of national currencies and are looking at using digital finances.

"The share of the dollar in settlements inside BRICS is shrinking, with the share of settlements in national currencies being on the rise. Our proposal is to use both new technologies and digital financial assets. I think this is quite promising. How soon this will be implemented is a matter of our agreements, our actions," he added.

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United States Anton Siluanov

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