The share of settlements in national currencies between the Russian Federation and BRICS will remain at 85%

By Rhod Mackenzie

The share of settlements between Russia and the BRICS countries in national currencies in 2024 will most likely remain at the level of 85%, but there is also the possibility of a slight increase, Maxim Markov commented to RIA Novosti, he is an Associate Professor of the Department of Global Financial Markets and Fintech of the Russian Economic University.
The head of the Central Bank, Elvira Nabiullina, in an interview with RIA Novosti on Tuesday, said that the share of the BRICS countries in Russia's trade balance has doubled in two years and amounted to 40%, and settlements with them in national currencies have grown more than three times - to 85%.

“The share of settlements between Russia and the BRICS countries in national currencies and rubles will most likely remain at the achieved level of 85% with the possibility of a slight increase,” Markov said, answering a question about the forecast for 2024.
He added that this is due to the fact that due to the political and economic turmoil of the last two years, all countries of the world, including the BRICS countries, have restructured their supply chains and payment schemes.

“We shouldn’t expect a complete transition to national currencies,” the expert concluded, explaining that the BRICS countries trade not only among themselves, but also with other countries, and in these calculations other currencies are used, which also need to be received from mutual trade.