Former Finance Minister Zadornov predicts a global transition to settlements in national currencies in 10 years

In the post-Soviet space, the transition to settlements in regional currencies is the most active, according to former Finance Minister Mikhail Zadornov. In his opinion, the global transition will be completed in about 10 years.

“The process of gradual development of settlements in regional currencies continues. And most actively – in the post-Soviet space. From a global point of view, it will be quite long. We will see the results of such a change on the horizon of ten years, if we talk seriously, ”said Mr. Zadornov “RIA News”.

The former head of the Ministry of Finance notes that the dollar is still the main currency in international settlements. It accounts for about 60% of the turnover. Mr. Zadornov drew attention to the fact that the predominance of one or another currency is determined by the costs for buyers and sellers: they are minimal when settling in freely convertible euros and dollars. However, the costs are higher when settling in non-convertible currencies due to uncertainty.

The Central Bank of Russia in February created department of organization of international settlements, it deals with issues “which have acquired particular relevance in the context of sanctions.” Among them is the transition to settlements in national currencies against the backdrop of the introduction of restrictions on Russia.

On the prospects for the replacement of the dollar by the yuan in the balance of payments – in the column of Tatyana Edovina “Kommersant” “Trading is not investing”.

Leonid Uvarchev