Negotiations to abandon the dollar and switch to rupees in trade with India are conducted by Tajikistan, Cuba and even Luxembourg

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The refusal of the American currency in payments for goods between countries is gaining momentum. Thus, a number of states in Asia and other regions spoke about the possibility of abandoning the dollar and switching to rupees in trade transactions with India. This is reported by Reuters.

In particular, we are talking about Tajikistan, Cuba, Sudan and even Luxembourg, which is considered to be a kind of banking egg in Europe. Certain steps in this direction are planned to be taken by Mauritius, Sri Lanka, as well as major oil exporting countries - the United Arab Emirates and Saudi Arabia.



To implement these measures, banks must first obtain the appropriate permission from the Reserve Bank of India. In a statement, the financial institution said that in order to promote the expansion of world trade, with an emphasis on the sale of goods from India, a decision was made to introduce a special procedure for invoicing in rupees. At the same time, the exchange rate between rupees and the currencies of the partner countries will be determined by market mechanisms.

Rupees coming from importers will be transferred to a special correspondent account for invoices for goods sold or services rendered.

In a conversation with Reuters, one of the unnamed Indian government officials said that New Delhi is seeking to attract countries with a dollar deficit to foreign trade in rupees.
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    1. trampoline instructor
      trampoline instructor
      -2
      23 December 2022 14: 22
      even Luxembourg, which is considered a kind of banking egg-shell of Europe.

      Dudki. Switzerland has always been and always will be the mother of Europe.

      Now all these half-money are in trend: yuan, rand and other rupees.
      This pricing looks something like this: the old price in dollars is converted at the rate of local currency and developing countries exchange their "means of payment" among themselves. For some reason, I think that the Chinese and Indians will cheat Russia at the expense of one or two.
    2. DeadPahom
      DeadPahom
      -1
      23 December 2022 14: 48
      Quote: Trampoline area instructor
      This pricing looks something like this: the old price in dollars is converted at the rate of local currency and developing countries exchange their "means of payment" among themselves. For some reason, I think that the Chinese and Indians will cheat Russia at the expense of one or two.

      The following scheme has always worked: the Russian importer buys dollars, transfers them to the Chinese supplier, the Chinese supplier exchanges dollars for yuan. Now a Russian importer buys yuan and sends it to a Chinese supplier. So much easier and there are no tricks. In addition, for planned payments, not dollars, but yuan are kept in the accounts. Thus, the dollar is gradually washed out of international trade and returned to its homeland. The ruble/yuan cross rate is still determined in terms of the dollar, but this is not a serious problem at this stage.
      1. Pivander
        Pivander
        -1
        23 December 2022 15: 12
        Moreover, the Russian Federation now needs a lot of yuan. Since China supplies more and more products. It is likely that those companies (not China) that buy something in the Russian Federation will be asked to pay for the contract in yuan. And then the buyer of products from the Russian Federation will have to buy these same yuan somewhere.
    3. DeadPahom
      DeadPahom
      0
      23 December 2022 16: 59
      Quote: Pivander
      Moreover, the Russian Federation now needs a lot of yuan. Since China supplies more and more products. It is likely that those companies (not China) that buy something in the Russian Federation will be asked to pay for the contract in yuan. And then the buyer of products from the Russian Federation will have to buy these same yuan somewhere.

      China itself buys a lot of things from us. Commodities, and not only. Previously only for dollars, but now there are options. Yuan, rubles... By the way, Turkish companies began to enter into ruble contracts and accept rubles as payment for deliveries. The process is moving slowly but in the right direction. Although, by historical standards, it’s not even slow at all.
      1. trampoline instructor
        trampoline instructor
        -1
        23 December 2022 17: 18
        China itself buys a lot of things from us. Commodities, and not only.

        China "from us" buys oil and gas + steel, but at a big discount. "Many things" you wishful thinking.

        In 2022, China is mainly supplied with oil, coal and steel: Chinese companies are actively buying raw materials, because due to sanctions, Russia is forced to sell at big discounts what it used to sell to the European Union. EU countries are gradually phasing out Russian oil and gas: for example, Gazprom has already stopped deliveries to Bulgaria and Poland.
        The main increase in the total trade turnover was provided by oil: in May, the Russian Federation came out on top in terms of its supplies to the PRC. The volume of exports amounted to 8,42 million tons, or 1,98 million barrels per day, which is 55% more than in May 2021. Such dynamics is explained by large discounts for Chinese buyers. In particular, state-owned companies Sinopec and Zhenhua Oil purchased oil at a discount.
        1. Pivander
          Pivander
          -1
          23 December 2022 17: 23
          Well, he buys raw materials, well, at a discount. So what? We are talking about payments in yuan instead of dollars, and not about what you write here. Liberals in a word, it is not necessary to fart everywhere.
          1. trampoline instructor
            trampoline instructor
            0
            23 December 2022 22: 44
            Unlike you, I at least competently "fart".
            If you are not able to learn the rules of the Russian language from the school curriculum, then you are generally a complete zero.
    4. Jacques sekavar
      Jacques sekavar
      0
      23 December 2022 19: 28
      Why Luxembourg, a member of the EU and NATO, needed Indian banknotes and what is meant by market mechanisms for determining exchange rate differences