For official use only: Russia developing dedollarization plan

The plan of dedollarization of the Russian economy, i.e. backsliding on international settlements in US dollars, will not be announced publicly, Russian media reported on Monday.

At the moment, the plan is being fine-tuned by the government.

Currently, Russian ministries and agencies are divided on the concept of de-dollarization, Russia’s Deputy Finance Minister Alexei Moiseyev said. After the divisions have been overcome, the plan will be presented to Prime Minister Dmitry Medvedev. However, it will be for official use only, he stressed.

The Russian government has been developing the document since the beginning of October. It is aimed at reducing the Russian economy’s dependence on the United States. The concept of dedolarisation does not provide for any ban on settlements in dollars, but, for example, tax preferences for those exporters who will opt for the Russian ruble in settling payments. Russia is set to clear accounts, e.g. with China, the EU and the members of the Eurasian Economic Union for in yuans, euros and Russian rubles, respectively.

Dedollarization will not affect the US currency deposits possessed by Russians, Finance Minister Anton Siluanov promised.

In its latest statement, the Central Bank of Russia denied reports on the massive outflow of foreign currency deposits from banks. Media outlets did keep track of the trend in August, but, according to the Central Bank, it weakened in September., following PAP

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