(MENAFN) According to the head of the Pakistani trade mission, Muhammad Shaukat Hayat, a currency swap arrangement has been requested by the Russian Trade Ministry in order to strengthen economic ties between the two countries.
“I have initiated a proposal to sign a pact on a currency swap and sent an official letter to the respective ministry. Now the ball is in Russia’s court. We are waiting for a response. It can be any mechanism – trading in rubles or barter trade,” he asserted.
In an effort to diversify away from the US dollar and euro, Russia and its trade partners have increased the percentage of national currencies in bilateral settlements. In recent years, Moscow has consistently pursued a policy of de-dollarization of international commerce, negotiating the use of local currencies in settlements with India, China, Iran, and Turkey.
In October, Russian President Vladimir Putin declared that the dollar's dominance as the world's trade currency was under threat, and he predicted that settlements in national currencies would gain momentum and gradually become dominant around the world.
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