The state should encourage payments in national currencies, said Repik

© RIA Novosti / Vladimir Traveloperator in Photobacterium all-Russian public organization Business Russia, Alexey Repik during an interview at the stand of the International news Agency Russia today on IV Eastern economic forumThe state should encourage payments in national currencies, said Repik© RIA Novosti / Vladimir Traveloperator the image Bank

The state should encourage the calculations of Russia with foreign partners in national currencies, told RIA Novosti the head of «Business Russia» Alexey Repik on the sidelines of the Eastern economic forum (WEF).

Lately amid fears of new sanctions from the United States a number of officials and experts were in favour of refusal of dollar at calculations with partners and the transition to the national currency. Russian President Vladimir Putin on Wednesday said he believes the proper development of bilateral trade in national currencies, noting that there is a desire from an increasing number of countries.

According to Repik, such a need depends, in the first place, from the perspective of bilateral mutual trade and investment turnover. «We understand that if a country little turnover, $ 10 million a year, probably, we don’t need much of your system to adjust for the implementation of calculations in national currencies. And where we have large positions in relations with China, with Japan, Yes,» — said the Agency interlocutor.

He noted that from the point of view of business, these decisions must be voluntary and not forced. «That is the possibility of settlements in national currencies, is the ability to bypass certain kinds of traps that now appear there, as geopolitical, for example, and associated with the volatility of macroeconomy in different countries», — he explained.

«But we are bound to a common settlement currency, it can happen something unpredictable. But this does not mean that if we start to work with Japan on calculation of ruble-yen, we should abandon the use of the dollar and the Euro. In this case it is a question of tools that the state, our government has to offer to entrepreneurs», — said Repik.

Answering the question about the need to encourage payments in national currencies of the state, he said to do it «of course, you need to». «It simplifies the work. We again do not forget that for large corporations the tools to work with multi-currency portfolios in bulk… For companies, for companies that go primarily to the domestic market, but would like maybe to work on the outside. Of course, the calculations in the national currency greatly simplifies decision-making», — he said.

According to Repik, support may be to provide liquidity and collateral regulation. «Rules of the game determines the regulator. In this case, the two regulators. On the one hand and on the other — Russia and our partner, whoever it was — Japan, China, Europe or anyone else. In fact, the ability to find a common language with the regulator in the country of the partner is what we want from our relevant agencies,» he concluded.

The state should encourage payments in national currencies, said RepikIV international economic forum

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