Dumping the Dollar

Russia urges partners to dump dollars in favour of national currencies

The Russian minister of Industry and Trade Denis Manturov urged Russia’s partners to swiftly adopt national currencies for trade settlements instead of the United States dollars. He made the call Monday at the plenary session of the International Industrial Trade Fair INNOPROM holding in Tashkent the capital of Uzbekistan.

More than 200 exhibitors – industrial leaders and SMEs from China, Germany, Korea, Italy, Japan, Turkey, France, the Eurasian Economic Union (EAEU) and Central Asia – are attending the industrial fair to present products, technologies and solutions. With over 10,000 participants drawn from Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Pakistan and Afghanistan. Manturov was offering the vision of a new world order.

All three economic blocs countries within the Eurasian Economic Union (EAEU), BRICS and the Shanghai Cooperation Organisation (SCO) of which Russia is a member are attending. He told delegates, that Russia share of trade with partners within these associations amounted to about 38%, while together these unions make up roughly half of the global economy.

According to the Russian minister it will be beneficial for all if trade settlements can be been paid in national currencies than the euro or the dollar.

“What is happening today in the global economy and in the world gives us a hint about how we need to rebuild our logistics, industrial cooperation, in what directions we can develop our economies. This [is] de-dollarization, and now we have added de-euroization, that is, the transition to our own currencies in order to be as independent as possible in terms of mutual settlements,” Manturov said.

With Europe and the United States facing hyperinflation thereby affecting the three economic blocs it is imperative to move away from the dollar and the euro so as to ensure complete independence in development of joint projects. He added.

Source INNOPROM/Interfax

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