The “Financial Stability Outlook” report prepared by the Central Bank of Russia included evaluations of the Russian financial market, where comprehensive sanctions were applied.
Pointing out that the transition to alternative currencies in international payments is a difficult process, the report said, “The necessary infrastructure needs to be established. This infrastructure is currently being established. Currently, almost 50 percent of foreign payments are made in alternative currencies other than dollars and euros. This rate is at the beginning of the year. It was 21 percent.” expressions were used.
In the report, which includes the information that payments with rubles and yuan as an alternative to dollars and euros come to the fore, it was reported that the share of the dollar in Russia’s exports decreased from 52 percent to 34 percent in the 9 months of the year.
It was noted in the report that the share of the ruble increased from 12.3 percent to 32.4 percent in the said period, while the share of the yuan rose from 0.4 percent to 14 percent, while the share of the euro decreased from 35 percent to 19 percent.
In the report, it was reported that Russian banks reduced the amount of losses from 1.5 trillion rubles at the beginning of July to 400 billion rubles as of November 1.
Source: Dünya Gazetesi by www.dunya.com.
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