TEHRAN (Sputnik) – Earlier this month, Moscow announced it might loan Iran $5-billion from its budget, and state corporation Vnesheconombank will disburse an additional $2 billion for the implementation of joint projects.
The last 3 months have seen Russia’s “de-dollarization” plans accelerate. First Gazprom clients shift to Euros and Renminbi, then the UK signs currency swap agreements with China, then NATO ally Turkey cuts ties and mulls de-dollarization, Switzerland jumps in the currency swap agreements, and BRICS create their own non-US-based funding vehicle, and then finally this week, Russia’s oligarchs have shifted cash holdings to Hong Kong. But this week, as RT reports, Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. ““The agreement will stimulate further development of direct trade in yuan and rubles on the domestic foreign exchange markets of Russia and China,” the Russian regulator said. Continue reading
MOSCOW, July 30 (RIA Novosti) – The Bank of Russia and the Reserve Bank of India have agreed to set up a working group to devise tools to use national currencies in bilateral payments, the Russian regulator said Wednesday. Continue reading