Russian Government is developing plan to refuse from dollar

UFA, 3 October 2018. /Bashinform News Agency, Galina Bakhshieva/ translated by Tatiana Aksyutina/. The Russian Government is preparing a project to de-dollarize the country's economy, RBC reports citing The Bell. After one or two weeks, the plan should be approved by Prime Minister Dmitry Medvedev.

There are no any restrictive or prohibitive measures in the plan being developed by the Government; there will be no prohibition on settlements in dollars.

It will be focused on creating opportunities for settlements in national currencies. The plan also provides for the easing of currency controls and the liberalization of currency laws.

The main goal pursued by the Government is to transfer settlements with Russia's largest trading partners - China and the EU - into yuan and euro, with the countries of the EEU - into rubles. This will require the creation of convenient mechanisms that allow businesses to make payments in any currency at no extra cost. Among such mechanisms is a creation of instruments at the level of central banks that will give access to liquidity in the currency of another country, bypassing the need to buy it in foreign exchange markets.