Bloomberg: The Central Bank of the Russian Federation has named three new currencies to replace the dollar

August 13 2022 9

The Central Bank of Russia said that it is currently considering the possibility of buying foreign currency to fill the National Welfare Fund. Sanctions due to the conflict in Ukraine prevent Russia from buying dollars and euros. However, this is no longer necessary - leaving these Western currencies is listed as a priority, and this will be done with the help of new positions. It is reported by Bloomberg.

The Central Bank of the Russian Federation on Friday for the first time disclosed a possible combination of "reserve" currencies in a report on the prospects for monetary policy for the next three years. It also says that other positions may be included in this list, but the financial regulator declined to give details.

So, Russia is considering buying the Chinese yuan, the Indian rupee and the Turkish lira for its wealth fund as part of a fiscal mechanism that uses excess income from energy sales to accumulate. In addition, trading in the yuan-ruble currency pair on the Moscow Exchange reached a record level last month, so the Central Bank's plans began to be executed almost automatically.

According to Bloomberg, the leadership of the Russian Federation had some disagreements about the Fund. With purchases in euros and dollars on the international market blocked by Western sanctions due to Russia's ongoing special operation in Ukraine, Finance Minister Anton Siluanov has previously indicated that the Russian Federation may turn to other currencies to replenish the Welfare Fund and possibly invest in yuan as it expands. trade with Asia.

At the same time, Russian Central Bank Chairman Elvira Nabiullina warns against the use of volatile currencies, supporting a return to saving additional oil and gas revenues. As an optional measure, the Central Bank previously called on the government to oblige state-owned companies to convert their foreign exchange assets into the currencies of countries that have not joined the sanctions against Russia.

However, there is nothing surprising in the published list, since the list of national currencies exactly coincides with the list of countries with which Russia is now actively trading, quickly reorienting its export flows. Such an approach will also speed up this process by filling the commodity interaction of countries with a live stream of funds that will not need to be additionally converted or sought for settlements on free markets.

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Vladimir Tuzakov

+4

13 August 2022 12: 54

Again, the funds received from the national wealth will not go to the development of the country's economy, for the well-being of citizens. So what kind of cancer is the Central Bank of the Russian Federation in the blood vessels of the state. In plain text, professors of economics V. Katasonov, M. Delyagin and others are arguably accusing the Central Bank of the Russian Federation of anti-state monetary policy, domestic economic policy, and no changes. Moreover, half of the "accumulated reserves" that were not spent with benefit on the development of the state's economy were requisitioned, which was impossible not to foresee. The Russian Federation suffered colossal losses, in the Central Bank of the Russian Federation even no one's hair fell, and for such egregious official crimes, there must be courts without fail, there must be justice, otherwise the crimes will not stop ... ...
kriten

+1

13 August 2022 13: 03

The Central Bank and the Ministry of Finance quietly solve another problem, where to send about 300 billion more under a plausible pretext, so that, as if by chance, they got to their owners and were arrested.
Observer2014

+1

13 August 2022 13: 05

It became interesting to myself. Well, in what currency will we save up a useless fund for the Russian people again? There is such fun to save for anyone. Bay like financial spaceships, plow the expanses of the world economy.
1_2

+2

13 August 2022 17: 11

Russia is considering buying the Chinese yuan, Indian rupee and Turkish lira for its wealth fund as part of a fiscal mechanism that uses excess energy revenue to accumulate.

- As I understand it, the Chinese, Indians and Turks will also keep part of their reserves in Russian rubles? ..and if not, then why does Naibulina repeat her mistakes, she doesn’t have enough damage of 350 billion, which she inflicted on the Russian Federation? she again wants to throw the Russians? Turks themselves don't need their lira and so it falls, rupees are not stable either, and yuan can devalue to make china goods cheaper.
it’s time to understand that the reserves should be kept in gold and precious metals in the Russian Federation, and it was Naibulina herself who said that it was safe to keep in the Russian Federation and in gold. so someone is forcing her to do liberal tricks with the economy of the Russian Federation, and who can force her except the Tsar?
Jacques sekavar

+4

13 August 2022 17: 42

Operations in Dollars and Euros are blocked by sanctions.
The danger of the renminbi is that the EU-US are China's main trading partners, and this creates a potential threat of separate collusion, because the renminbi should not exceed 25-30%
Aunt Nabiullina rightly warns against the use of volatile currencies, and rightly advocates a return to saving additional oil and gas revenues.
The question is in what currency. The only option in the conditions of the political and economic war against the Russian Federation is real physical gold (!).
It can be converted into any goods and must be located on the territory of the Russian Federation, which excludes the possibility of theft by foreign “partners”, as was done with the gold reserves of the Russian Federation, Iran, Afghanistan, Venezuela, Syria.
1. voland_1
  
  +3
  
  14 August 2022 21: 06
  
  we walk in tattered CHINESE pants and flip flops, but we SAVE!!! Shut up smart economists. I suppose they graduated from Harvard, otherwise there is no way to explain
Marciz

+2

14 August 2022 06: 48

Guys, go into a real understanding of the status of Russia and then you will understand a lot!!!! To begin with, think about why you don’t have Stalingrad !!!?? Who lobbied this topic from the inside!?
1. Rusa
  
  +1
  
  14 August 2022 14: 22
  
  ... Why don't you have Stalingrad?
  
  Under oligarchic capitalism in the Russian Federation, it cannot be otherwise.
Vox Populi

+1

14 August 2022 12: 36

So, Russia is considering buying the Chinese yuan, the Indian rupee and the Turkish lira for its wealth fund as part of a fiscal mechanism that uses excess income from energy sales to accumulate.

A risky investment, and serious measures for the large-scale development of our own modern production are not visible ...