Pakistan is eager to engage in national currency trading with…
(MENAFN) According to the head of the Pakistani trade mission, Muhammad Shaukat Hayat, a currency swap agreement has been requested by the Russian Ministry of Commerce in order to strengthen economic ties between the two countries.
“I have launched a proposal to sign a pact on a currency exchange and sent an official letter to the relevant ministry. Now the ball is in Russia’s court. We are waiting for a response. It may be any mechanism – ruble exchange or barter,” he said.
In an effort to diversify away from the US dollar and the euro, Russia and its trading partners have increased the percentage of national currencies in bilateral settlements. In recent years, Moscow has consistently pursued a policy of de-dollarization of international trade, negotiating the use of local currencies in settlements with India, China, Iran and Turkey.
In October, Russian President Vladimir Putin said the dollar’s dominance as the world’s trading currency was under threat, and he predicted that settlements in national currencies would gain momentum and gradually become dominant around the world.
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