Overview

Click to expand overview
BRICS member Russia recently dumped local currencies the Ruble and Chinese Yuan to take on the US dollar. Surprisingly, the gamble paid off as the Ruble China and Russia have almost completely phased out the dollar from their bilateral trade. More than 90% of trade between the two nations is done with either the yuan or Putin has made it clear he's keen to develop alternatives to the US-dollar-denominated order. He highlighted the subject at the BRICS summit held in the Russian city of It is reported that Russia is initiating ‘buy’ and ‘sell’ to keep the Ruble trading in large numbers in the currency market. The development helps the Ruble gain momentum BRICS Cross-Border Payment Initiative (BCBPI) will use national currencies, not US dollar. Russia's finance ministry and central bank report details plan to transform A few days before the 16th BRICS Summit got underway in Kazan in October, Russia, the organizers of this key conclave advised attendees to bring along U.S. dollars and “We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and Dans ce que l’on peut appeler un pari sans précédent, la Banque centrale de Russie a suspendu le change du dollar américain en devises étrangères, ce qui a porté ses In what can be called an unprecedented gamble, the Central Bank of Russia pausing the US dollar exchange in foreign currency has paid off as the BRICS member’s local

BRICS Russia Pausing US Dollar Exchange Pays Off: Ruble Outshines USD

In what can be called an unprecedented gamble, the Central Bank of Russia pausing the US dollar exchange in foreign currency has paid off as the BRICS member’s local currencies, notably the Ruble, have seen unexpected gains. For months, analysts have been watching closely to see if Russia\'s move away from the dollar would have a positive impact. The initial skepticism has largely faded as the Ruble strengthens.

BRICS member Russia recently dumped local currencies the Ruble and Chinese Yuan to take on the US dollar. Surprisingly, the gamble paid off as the Ruble outshines USD, exceeding expectations in recent trading sessions. This shift is largely attributed to Russia\'s deliberate strategy to de-dollarize its economy and foster trade relationships independent of the US dollar.

China and Russia have almost completely phased out the dollar from their bilateral trade. More than 90% of trade between the two nations is done with either the yuan or Ruble. This significant reduction in dollar usage highlights the growing influence of alternative currencies within the BRICS economic sphere.

Putin has made it clear he\'s keen to develop alternatives to the US-dollar-denominated order. He highlighted the subject at the BRICS summit held in the Russian city of Kazan, further emphasizing the collective commitment to reducing reliance on the USD. A few days before the 16th BRICS Summit got underway in Kazan in October, Russia, the organizers of this key conclave advised attendees to bring along U.S. dollars.

It is reported that Russia is initiating ‘buy’ and ‘sell’ operations to keep the Ruble trading in large numbers in the currency market. The development helps the Ruble gain momentum and maintains its stability despite international pressures. Russia\'s finance ministry and central bank report details plan to transform the financial infrastructure to further support the Ruble\'s strength.

“We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and [other national currencies]," confirming the practical application of the de-dollarization policy.

The BRICS Cross-Border Payment Initiative (BCBPI) will use national currencies, not US dollar, streamlining transactions and minimizing exchange rate risks for member nations. This initiative is a key component of the broader strategy to create a parallel financial system less dependent on Western structures.

While the long-term impact of Russia\'s de-dollarization efforts remains to be seen, the initial results are undoubtedly encouraging for Moscow. The Ruble\'s resilience and the increasing adoption of alternative currencies within the BRICS bloc signal a potential shift in the global financial landscape. Dans ce que l’on peut appeler un pari sans précédent, la Banque centrale de Russie a suspendu le change du dollar américain en devises étrangères, ce qui a porté ses gains.

Top Sources

Related Articles