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Belarus favors increased use of national currencies in CIS mutual settlements

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MINSK, 19 October (BelTA) - Belarus advocates further development of the system of settlements in national currencies in the CIS, Belarusian Deputy Prime Minister Igor Petrishenko said as he met with new president of the CIS Interstate Bank Andrei Lipin on 18 October, BelTA has learned.

He congratulated Andrei Lipin on his appointment. “This is a high and responsible post. Given the sanctions pressure we are experiencing, the role of the CIS Interstate Bank is significantly increasing,” Igor Petrishenko said.

He emphasized the relevance of the topic to develop the system of settlements in national currencies. “The Russian ruble is leading in this part – it is objectively, given the size of the country’s economy. Nevertheless, we think that other national currencies should be actively involved in the process of mutual settlements,” the deputy prime minister said.

In his words, the EAEU decided that 10% of the transferred anti-dumping duties will be used to subsidize interest rates on loans related to the implementation of major interstate projects. “The CIS Interstate Bank may also play a certain role. We can cooperate here,” Igor Petrishenko said.

Another important topic is the restructuring of work taking into account the restrictive measures related to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). “We expect that the CIS Interstate Bank will be a kind of an interstate hub and will assume certain functions,” the deputy prime minister added.

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