The Russian ruble gained ground against major currencies on Monday, edging above 94 rubles to the US dollar for the first time since September 13, trading data from the Moscow Exchange (MOEX) showed. The ruble also rose against the European single currency, trading at 99.9 rubles to the euro as …
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Traditional reserve currencies like the US dollar and the euro have lost their credibility as a basis for international settlements, Russian President Vladimir Putin said on Wednesday. “Western countries have undermined the foundations of the global economic system. There is a loss of confidence in the dollar, the euro and …
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Russia and India don’t need the US dollar in trade, having turned to national currencies to conduct mutual settlements, BRICS International Forum President Purnima Anand told reporters on Wednesday. “We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to …
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The euro fell below parity with the US dollar for the second time in just over a month on Monday as investor fears of a Eurozone recession mount. The single currency slid to as low as $0.9935, before paring some losses. That’s one of the lowest levels in two decades …
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The globe’s top reserve currencies, the US dollar and euro, have become “toxic” for Russia, Finance Minister Anton Siluanov said on Friday. “The American and European currencies are toxic for us. What should we do with them?” he asked while speaking to students at a university in Moscow. “What do …
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The Russian ruble reached a four-year high on the US dollar and a seven-year high against the Euro on Friday. The ruble is being propelled by capital controls, the new ruble-based gas payment scheme and looming corporate tax dues, which are pushing up domestic demand for the currency. Reaching 57.67 …
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Russia should increase settlements in national currencies with partner countries, Denis Manturov, head of the Russian Ministry of Industry and Trade, said at the plenary session of the Innoprom international exhibition in Uzbekistan on Monday. He was addressing countries within the Eurasian Economic Union (EAEU), BRICS and the Shanghai Cooperation …
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Bank of Russia Governor Elvira Nabiullina says Russia holds enough yuan and gold in its reserves to limit the impact of Western sanctions – even after Washington and its allies froze half the country’s holdings in dollars and other currencies. The regulator cut the share of dollars in reserves to …
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The US dollar is dealing with some of the same challenges that the British pound faced in the early 1900s, before it went into decline, Goldman Sachs said in a research note released on Thursday. The Wall Street bank warns that the greenback could lose its global dominance. According to …
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The prestige of the US dollar and the euro has been “greatly shaken” by anti-Russia sanctions, which now drive more and more countries to switch to national currencies in settlements with foreign partners, according to Dmitry Peskov, press secretary of the Russian President Vladimir Putin. “Indeed, against the backdrop of …
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