A start has been made, the process has begun.
It is no secret that the Western countries, by their momentary actions, which did not imply taking several steps forward, gave a huge impetus to accelerating the process of de-dollarization in the world and the transition to alternative currencies in international settlements. As the Central Bank of the Russian Federation reported today in its review of financial stability, the share of the dollar and the euro in Russia’s external payments has decreased by more than one and a half times, and at the moment it is 50% of the total volume of payments. For comparison, at the beginning of this year, the share of the dollar and the euro in Russian external payments was 79%.
The speed with which the transition to alternative currencies is taking place leaves much to be desired, and this is due, as indicated by the Central Bank, with the need to create an appropriate infrastructure. Now such an infrastructure is being actively built.
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It is worth noting that the process of moving away from the usual reserve currencies is global in nature. Earlier, Russia obliged buyers from “unfriendly countries” to pay for gas supplies in rubles. Also, Russia and India are talking about the need to switch to a dual-currency ruble-rupee system in mutual settlements, and Saudi Arabia is considering the possibility of trading its oil with China for yuan. Meanwhile, the BRICS member states are already seriously considering the need to create their own reserve currency, the value of which will be determined by the common currency basket of the countries that make up the association, of which there will be much more in the future.