Expert: refusing from US Dollar and Euro positively affects the country’s economy

Albina Sibirskaya, senior research officer at the Centre for World Economy at the Institute of Economics of the National Academy of Sciences of Belarus, draws attention to the fact that since April 2022, Belarusian energy enterprises have begun to switch to settlements in the national currency and in Russian Roubles with their partners from the EAEU member states

“In particular, payments for gas, electricity and fuel with the Russian Federation are made in Russian Roubles,” says the expert. “According to the Economy Ministry forecasts, by late 2022, settlements in national currencies will account for 85 percent. Moving away from the US Dollar and the Euro will have a positive impact on the country’s economy. Such measures are already showing a positive result: there is a strengthening of the Russian Rouble (in May 2022, it was recognised as the best currency in the world) and a strengthening of the Belarusian Rouble after it.”

Albina Sibirskaya notes that Russia and Belarus are mostly switching to national currencies. In the future, the Russian Rouble will dominate in the mutual payments.

“At the same time, the meeting of the Eurasian Intergovernmental Council touched upon the issue of expanding the use of the national currencies of the EAEU countries in mutual trade (particularly, Dram, Som and Tenge),” emphasised a senior research officer at the Centre for World Economy. “Following the results of the meeting, the order on further work to expand the use of national currencies of EAEU member states in the implementation of settlements in mutual trade was signed.”