Lavrov: the transition to national currencies in trade will improve the global economy

The transition to national currencies in trade will have a healing effect on the global economy, said Russian Foreign Minister Sergei Lavrov, transmit “RIA News”. According to him, the share of the dollar is consistently declining.

“This is an objective process, it will gain momentum, and we believe that this will have a healing effect on the world economy, on international trade, economic and investment ties,” the minister said at a press conference.

Speaking about Kenya, where Lavrov arrived on a working visit, he noted that for the transition to settlements in national currencies with this state, “the trade turnover is not yet so large.” According to the minister, it is less than $400 million, so the calculations are made in dollars. But Lavrov noted that as trade grows, the transition to national currencies will be of practical importance and “this is the future.”

“This is not only in relation to Africa, it is also in relation to Latin America, our partners in Asia, with Iran, with India, with China. We are already actively switching to settlements in national currencies. The share of the dollar is consistently decreasing,” added the head of the Russian Foreign Ministry.

On May 24, during his speech at the plenary session of the Eurasian Economic Forum, Russian President Vladimir Putin notedthat Moscow continues to work on the transition to settlements in national currencies and intends to “even more actively” make efforts for a “full transition to national currencies.” At the same time, the head of state said that the “collapse” scenario for the Russian economy would not come true.