Russia, India looking to use national currencies in trade

Economy 9/15/2018, 9:05 AM
Russia, India looking to use national currencies in trade

Russian Deputy Prime Minister Yury Borisov and Indian Minister of External Affairs Sushma Swaraj pointed out their countries should seek to improve bilateral trade and increase the number of transactions in their respective national currencies, the ruble and the rupee, RT reported on Saturday.

Borisov said: "The expansion of settlements in national currencies is planned. Today, the share of settlements in rubles for exports is 20 percent, and for imports, about 21 percent."

Russia and India's trade is worth $30 billion,which is significantly less than Moscow's trade balance with China which amounts to $100 billion, the Russian official pointed out.

Moscow plans to sell $4 billion-worth of military equipment in 2018 as part of a larger agreement which will see India purchase $65 billion of Russian arms. Swaraj pointed out that the two countries "enjoy a special and strategic partnership."

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