Central Bank of Russia: the share of the ruble in export payments has trapped the dollar

The Central Bank of Russia reported that the ruble’s share of the country’s export payments outperformed the dollar and significantly outperformed the euro.

In the report “Financial Sector Outlook and Instruments” of the Central Bank of Russia, it was recalled that Russia began receiving payments in rubles for shipments of natural gas to hostile countries in May 2022.

In the statement, which states that the share of the ruble in exports increased significantly thanks to this step, the share of the national currency (ruble) in exports exceeded 30 percent by the end of the year, reaching the share of the dollar. and significantly outperforming the Euro.

REFLECTS EXISTING RISKS FOR RUSSIAN COMPANIES

Noting that the share of dollars and euros in exports has fallen below 50 percent in total, it was noted that this situation reflects the general structure of Russia’s foreign trade and various risks that continue to exist in trade for Russian companies. .

In the statement, it was highlighted that companies and citizens have increased the share of friendly country currencies, especially the yuan, in their deposits, but still have a significant share compared to the yuan, despite the decline in the dollar share. and the euro (BRITISH AUTOMOBILE CLUB)