RT.com
05 Aug 2022, 14:43 GMT+10
The Central Bank suggests firms should dump their dollars and euros in favor of ?friendly? denominations
Russia's central bank has called on manufacturers and non-financial services providers to convert their dollar and euro holdings to "friendly" currencies such as the Chinese yuan.
The proposal was put forward in a document for public discussion released by the regulator on Thursday, dedicated to developing key areas of the financial market under sanctions.
"The blocking of Russian assets by unfriendly countries, as well as operational restrictions on settlements in the world's major reserve currencies, create risks for citizens and businesses when using the US dollar and the euro," the Central Bank said.
Additional measures will be taken to reduce banking operations in these currencies, the regulator added.
In May, Finance Minister Anton Siluanov called the dollar and the euro "toxic currencies" for Russia, as their use was restricted in the country amid unprecedented Western sanctions. Instead, Moscow has chosen to switch to trade in rubles and the currencies of so-called "friendly" nations, which didn't join the American, European and British sanctions against the country.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Dublin News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.
More InformationNEW YORK CITY, New York: The U.S. bombing of Iranian nuclear sites has cast a shadow over global markets, with investors bracing for...
SANTAREM, Brazil: As Brazil cements its position as the world's top soy exporter, a new wave of deforestation is spreading across the...
ZURICH, Switzerland: A wave of central banks across Europe surprised markets last week by lowering interest rates, responding to easing...
WASHINGTON, D.C.: The U.S. economy is performing reasonably well, but Federal Reserve Chair Jerome Powell faces a difficult decision...
WASHINGTON, D.C.: President Donald Trump has granted TikTok another reprieve, extending the deadline for its Chinese parent company,...
WASHINGTON, D.C.: As the global weight-loss market explodes, drugmakers are now racing to solve a less visible problem: protecting...
DUBLIN, Ireland: Dublin Airport has received a warning for going over its allowed number of passengers. As part of a rule set by...
ANKARA, Turkey: A Turkish far-right politician went on trial Wednesday, facing charges of inciting public hatred—an episode critics...
ZURICH, Switzerland: A wave of central banks across Europe surprised markets last week by lowering interest rates, responding to easing...
ZURICH, Switzerland: The Swiss National Bank (SNB) lowered its key interest rate to zero percent on June 19 to respond to falling inflation,...
THE HAGUE, Netherlands: The city that prides itself on being a beacon of peace and justice—home to institutions like the International...
DUBLIN, Ireland: Fine Gael Senator Mark Duffy says new laws to regulate vaping products will help make them less attractive to young...