Russian Central Bank says ruble payments catching up with dollar

MOSCOW

The Russian Central Bank said on Tuesday the share of the ruble in export payments caught up with the share of the US dollar and exceeded the share of the euro.

In a review, published on the official website, the bank said after the transfer of payment for natural gas to "unfriendly countries" into rubles in May 2022, the share of the national currency in settlements exceeded 30% by the end of the year.

However, the total share of the US dollar and euro in payments for both export and import supplies was slightly less than 50% in 2022, it added.

The Central Bank warned that the significant share of the US dollar and euro in payments maintains risks of blocking assets of Russian companies and their counterparts by "unfriendly countries."

The bank also said that companies and citizens increased the share of deposits in "friendly" currencies, especially in yuan, but the savings in the dollar and euro remain significant.

MOSCOW

The Russian Central Bank said on Tuesday the share of the ruble in export payments caught up with the share of the US dollar and exceeded the share of the euro.

However, the total share of the US dollar and euro in payments for both export and import supplies was slightly less than 50% in 2022, it added.

The Central Bank warned that the significant share of the US dollar and euro in payments maintains risks of blocking assets of Russian companies and their counterparts by "unfriendly countries."

The bank also said that companies and citizens increased the share of deposits in "friendly" currencies, especially in yuan, but the savings in the dollar and euro remain significant.