Is it worth it to rejoice in the liberation of the Russian economy from the dollar?
Speaking in the State Duma, the Chairman of the Central Bank of Russia Elvira Nabiullina announced high results in the dedollarization of the Russian economics. The central bank encourages the abandonment of the use of the US dollar domestically.
Central Bank strives for dedollarization
Elvira Sakhipzadovna believes that tighter regulation of Russian financial institutions working with foreign currency loans and attracting foreign exchange liabilities, creating conditions for their transition to Russian rubles have paid off.
Similar efforts are being made not only within the country, but also abroad. First of all, Russia seeks to transfer mutual settlements with the EAEU countries into rubles. This is facilitated by close economic ties between the participating countries.
The payment system "Mir" is being increasingly introduced in international settlements. It was widely spread in Armenia. There are also successes in promoting it in other EAEU countries and countries where many Russian tourists come.
Delyagin does not agree
Not all Russian economists consider dedollarization a positive development.
For example, Mikhail Delyagin, director of the Institute for Globalization Problems, does not deny the effectiveness of the efforts of the Central Bank, but believes that the rejection of the dollar in payments within Russia is due not only to this. He believes that this process is caused by a decrease in the inflow of foreign currency into the country.
In addition, the relative stability of the ruble should not be discounted. It is due to the high price of oil and the lack of significant political and economic turmoil in the country. Under these conditions, it is more convenient to work with domestic currency than with foreign currency.
It should be understood that the rejection of the dollar is not universal. For example, the population, just in case, continues to keep their savings in gold and foreign currency.
Central Bank strives for dedollarization
Elvira Sakhipzadovna believes that tighter regulation of Russian financial institutions working with foreign currency loans and attracting foreign exchange liabilities, creating conditions for their transition to Russian rubles have paid off.
Similar efforts are being made not only within the country, but also abroad. First of all, Russia seeks to transfer mutual settlements with the EAEU countries into rubles. This is facilitated by close economic ties between the participating countries.
The payment system "Mir" is being increasingly introduced in international settlements. It was widely spread in Armenia. There are also successes in promoting it in other EAEU countries and countries where many Russian tourists come.
Delyagin does not agree
Not all Russian economists consider dedollarization a positive development.
For example, Mikhail Delyagin, director of the Institute for Globalization Problems, does not deny the effectiveness of the efforts of the Central Bank, but believes that the rejection of the dollar in payments within Russia is due not only to this. He believes that this process is caused by a decrease in the inflow of foreign currency into the country.
In addition, the relative stability of the ruble should not be discounted. It is due to the high price of oil and the lack of significant political and economic turmoil in the country. Under these conditions, it is more convenient to work with domestic currency than with foreign currency.
It should be understood that the rejection of the dollar is not universal. For example, the population, just in case, continues to keep their savings in gold and foreign currency.
Information