Lavrov says the use of national currencies will heal the global economy

NAIROBI, May 29 (Sputnik).- The transition to national currencies in trade will have a healing effect on the global economy, Russian Foreign Minister Sergey Lavrov said during his visit to Kenya.

“This is an objective process that will increase momentum and we believe it will have a healing effect on the world economy, international trade and economic and investment relations,” the minister told a press conference.

Lavrov pointed out that Russia does not yet maintain a large volume of trade with Kenya, so it is traded in dollars.

“When the volume of trade grows, of course, the transition to payments in national currencies will be of practical importance, and then – the future,” added Lavrov.

Likewise, he emphasized that the use of national currencies is used in Latin America and Asian countries.

“We are already actively moving to pay in national currencies. The percentage of the dollar is gradually decreasing,” the Russian Foreign Minister emphasized.

Moscow has stepped up efforts to trade in national currencies in response to Western sanctions imposed on Russia over the conflict in Ukraine.

In February and March 2023, the Chinese yuan replaced the US dollar as the most traded currency in Russia. (Sputnik)

See also  Ireland: How the country managed to have the most productive economy in the developed world

Read more

Local News