De-dollarization of the Russian economy is already underway, said the head of the ARB

© RIA Novosti / Maxim to Bogodeeva in photobacteria USA and rubles. Archival photoDe-dollarization of the Russian economy is already underway, said the head of the ARB© RIA Novosti / Maxim to Bogodeeva the image Bank

To reduce the dependence of national economy from the dollar — global process, but to implement it quickly will not work, said RIA Novosti the head of the Association of Russian banks (ARB) Garegin Tosunyan.

American edition Wall Street Journal on Sunday wrote that Russia is trying to abandon the dollar because its economy came under pressure of US sanctions, another round of which is expected in November. The article notes that the Central Bank of Russia this year stepped up investments in gold, on the contrary, selling U.S. government bonds. In addition, the Russian authorities are working to increase foreign trade in rubles and other currencies. De-dollarization process should help to mitigate the effect if the new sanctions affect the financial system of the Russian Federation, points out the WSJ.

«The process dedollarization and so goes considering the fact that the dollar is no longer the only reserve currency, it pretty much pushed aside and the Euro. Sanctions actions by the U.S. appetite for dollarization is clearly reduced, and the desire to become more independent from the currency, many have long been brewing and is being implemented. This is a long process, too much the strength of the dollar on world markets. But the process of de-dollarization is not only we have it in the global plan will continue,» — said Tosunyan.

Analyst IR «freedom Finance» Anastasia Sosnova, in contrast, believes that the demand for dollars in Russia will grow. The extreme volatility of U.S. currency may provoke a desire to stock it for future use. In her opinion, the policy of dollarisation may not be a signal to lower demand for dollars.

The Ministry of Finance, Ministry of economic development of the Russian Federation and the Central Bank has prepared measures to de-dollarization of the Russian economy to stimulate growth, said earlier the head of the Ministry Maxim Oreshkin. He explained that the transition to payments in other currencies must be economically viable, and this requires the development of finrynkov and creation of systems of information transfer between banks.

In early November, the head of the Duma Committee on Finance Anatoly Aksakov called journalists measures to reduce the share of the dollar in the Russian economy, which offers the expert community. This, in particular, the establishment of factoring spacompany, investment diversification of the Fund’s assets and insurance savings on metal accounts.

De-dollarization of the Russian economy is already underway, said the head of the ARB© Vitaly Podistiche, all is lost!

Source