(MENAFN) Moscow and La Paz have decided to begin trading in their own national currencies, according to Mikhail Ledenev, Russia's ambassador to Bolivia, who spoke to RIA Novosti on Tuesday.
In recent years, Bolivia has shown a desire in enhancing its energy cooperation with Russia, especially through trade and mining endeavors.
Interbank collaboration is actively growing, according to Ledenev, with the help of the embassy.
"Many video conferences between the directors of the central banks of the two nations were held last year. Direct correspondent accounts in bolivianos and rubles were consequently created between Gazprombank and Union, the biggest state-owned bank in Bolivia," the ambassador stated.
“This is important because financial transactions can now be carried out directly, in national currencies. This already facilitates the work of Russian companies in the market,” he added.
Bolivia, which has enormous lithium reserves and has been talking with global mining corporations, particularly Russian enterprises, has been termed "the new oil" since lithium is essential to electric batteries. The nation wants to supply electric batteries to the world market.
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