“The real problem hindering the wider use of national currencies is the limited bilateral quotations in national currencies. Moscow and Belarus Stock Exchange are already trading these currencies. Improvement in Central Banks monetary policy in the post-Soviet space is also important for the trade development. Bilateral trade is also growing. The next step may be the development of the bond market in national currencies,” N.Troshin said.
He also stressed that the rouble is already a regional currency, as it is used in settlements between the other parties, bypassing Russia. “It is used in settlements between Belarus and Kazakhstan. This phenomenon tends to be very widespread. At the same time, the yuan, which is often seen as an alternative to the dollar, is not used between the third parties without China’s participation.”
“The globalization that we learned in the 1990s, when we were forced to adopt the US dollar system, is naturally coming to an end. Washington is no longer able to provide leadership in the world and it needs to use tariff and trade wars for its purposes. Meanwhile, cooperation between various states continues to work. The ASEAN countries are trying to create a mechanism for payments in national currencies. MERCOSUR also has a similar system in South America,. This contributes to greater regional stability and regions’ resistance to the US Federal Reserve System and the flow of dollars that “rush” here and there,” RISS expert concluded.