The Central Bank of Russia will resume foreign exchange processes in yuan

The Central Bank of Russia announced that it will resume foreign exchange trading in the domestic market in yuan with the prestige of January 13.

In a written statement from the Central Bank of Russia, it was stated that the bank will resume foreign exchange processes in the domestic market with the prestige of January 13.

Pointing out that foreign exchange buying and selling processes will be carried out in yuan, it was noted that trades will be made at equal rates on the trading days in order to reduce the effect on the ruble exchange rate.

The Russian Ministry of Finance, on the other hand, stated that the decision to restart the foreign exchange processes is aimed at increasing the stability and predictability of domestic economic conditions.

In the statement, which pointed out that the budget revenues in oil and natural gas are expected to be at the level of minus 54.5 billion rubles this month, it was noted that foreign exchange will be sold in January, and a fund of 54.5 billion rubles has been allocated for this.

After the decision, the dollar/ruble parity fell by 1.48 percent to 68.7, while the euro/ruble parity fell 1.2 percent to below the 74 level.

– Russia is moving its economy away from the dollar

The Central Bank of Russia decided to stop its processes in the foreign exchange market in February 2022 due to the sanctions imposed due to the war in Ukraine.

While banks and companies in the country are moving away from the dollar due to sanctions, the use of friendly countries’ currencies, especially the yuan, is becoming widespread in trade.

The Russian Ministry of Finance announced last month that the maximum share of the yuan in the National Welfare Fund has increased from 30 percent to 60 percent, and the maximum share of gold from 20 percent to 40 percent.