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How does de-dollarization affect trade relations between Armenia and Russia

12:30, salı, 11 nisan, 2023
How does de-dollarization affect trade relations between Armenia and Russia

Dedollarization within the framework of the Eurasian Economic Union is the most discussed topic since its formation. By the end of 2021, the share of the US dollar in settlements between the EAEU countries has decreased to 20%, and the euro - about 7%. Data on the dynamics of settlements in foreign currency this year has not yet been updated. After the introduction of anti-Russian sanctions, the process of switching to settlement in national currencies is proceeding at a faster pace.

The Armenian-Russian trade relations are particularly close to the complete rejection of the dollar and the euro in mutual settlements. The main difficulty is not the technical execution of payments, but the question of the ratio of the ruble - dram pair.

The use of the Armenian currency in mutual settlements is preferable, but its potential in bilateral trade is limited. The Russian currency is quite volatile, which limits both exports and imports.

The head of the analytical center "Alternative", Doctor of Economics Tatul Manaseryan welcomes the transition in mutual trade between Armenia and Russia to national currencies. This step will protect trading partners and entrepreneurs from risks arising from fluctuations in the exchange rates of third countries. The process has moved forward, Manaseryan believes, and this is already good, because "it creates a predictable environment for businessmen of the two countries." In his opinion, the fact that two sovereign states traded the currency of a third country was an anomaly.

The process of de-dollarization has also accelerated with the emergence of new world economic centers. It is not for nothing that the EAEU has signed several currency swap agreements with other countries, including China, Iran and India. These agreements are aimed at reducing dependence on the US dollar as an intermediary currency in trade and investment transactions.

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