Trade in national currencies of Russia, Vietnam surge in 2023
(MENAFN) Trade settlements in the national currencies of Russia and Vietnam have surged this year, quadrupling in volume, according to Olga Basha, VTB's Head of International Settlements.
This information was shared with a Russian news agency in anticipation of the Russia Calling 2023 investment forum.
“In Vietnam, we are market makers with all the payments for the ruble-dong pair going through our joint bank,” the executive at Russia’s second-largest lender stated.
As per Basha, there has been remarkable growth in transactions settled in national currencies across VTB's global infrastructure within its foreign subsidiaries and branches. She highlighted the bank's operations in India, China, and a network of banks throughout the Commonwealth of Independent States.
The shift towards using national currencies for cross-border trade, instead of relying on the US dollar, gained traction globally in 2022. This trend intensified following Ukraine-related sanctions, which led to Russia's exclusion from the Western financial system and the freezing of its foreign reserves.
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