Russia decided to decouple the exchange rate of the national currency in trade with friendly countries from the U.S. dollar. RBC reports, citing its own source.
Instead of pegging to the dollar, it is planned to use alternative indicators to determine the rates of the national currency.
As the media outlet reminds, now its rate is still calculated through the dollar in international settlements with the national currency. For example, when paying with a pair «ruble — tenge», in order to understand how many rubles must be paid for tenge, the exchange rate of the Kazakhstani currency is determined through the American one.
Different options are being considered to replace the dollar in settlements under foreign trade contracts with «friendly countries», including a currency basket. It is also possible to tie the exchange rates of the national currency to gold or oil. But, as the source notes, oil market estimates are also pegged to the dollar, so this is not the best option.
Experts believe that the only alternative to the dollar can only be the yuan. If the rate deviates too much from the dollar rate according to the new methodology, there may be market participants who will use this for their own benefit, and the yuan in this situation can be used as a gateway.
