Central Banks of India and Russia to provide recommendations for settlements using national currencies

The Central Banks of Russia and India will soon submit their specific recommendations to the governments of the two countries on using national currencies in making foreign trade settlements, RIA Novosti learned this from Indian Ambassador Pundi Srinivasan Raghavan.

“We believe that the using national currencies in transactions can be mutually beneficial for bilateral economic cooperation. The Central Banks of Russia and India are working to create the conditions for this to happen, and in the near future, they are expected to make specific recommendations to our governments,” he added.

The Russian Vnesheconombank (VEB) and the Indian Export-Import Bank of India (Exim Bank) have already started holding talks about creating opportunities of granting loans denominated in national currencies to potential investors. Earlier Russia reached agreements, to carry out settlements using national currencies, with a number of other Asian countries, including China, Vietnam, and Turkey. It is expected that this will reduce the influence of the American dollar in the global economy.

First published in Russian by RIA Novosti.

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