Share of payments in U.S. dollars in the total amount of mutual payments for goods and services between the countries of the Eurasian Economic Union decreased from 30 percent in 2013 to 18.3 percent in 2017. Report of the Eurasian Development Bank says.
It is noted that the countries of the region are actively discussing the possibility of switching to mutual settlements in national currencies. There is already some progress. At the same time, the dollar remains the dominant currency when paying for goods and services between the EEU states, excluding settlements with Russia. Against this background, there is the potential for further expanding of the use of national currencies in the mutual trade of the regional association.
«The trend for de-dollarization is also observed in domestic financial transactions. In a number of countries in the region, improvement of monetary policy approaches has contributed to the restructuring of savings in favor of national currencies. In recent years, the share of deposits in foreign currency in their total volume decreased in Kazakhstan to 46.9 percent, in Russia — to 27.5 percent, in Kyrgyzstan — to 45.8 percent, in Armenia — to 59.7 percent and in Belarus — up to 65.4 percent.
According to the estimates of the EEU, the real rates of most national currencies of the EEU countries to the U.S. dollar at the end of September are undervalued and have the potential for further strengthening.
«The trend for de-dollarization has become more distinct. However, its stability largely depends on the desire to expand settlements in national currencies in trade with the third countries. Expansion of the use of national currencies will help the further development of integration processes,» the report says.
