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Putin announces 85% of CIS trade conducted in national currencies

Putin announces 85% of CIS trade conducted in national currencies

GrafaGrafa2024/10/09 04:05
By:Liezl Gambe

Russian President Vladimir Putin announced that over 85% of trade within the Commonwealth of Independent States (CIS) is now conducted using national currencies, marking a significant step toward financial independence for the region. 

Speaking at the CIS summit in Moscow on October 8, Putin highlighted the ongoing efforts by member states to strengthen their financial infrastructures and reduce reliance on foreign economic systems.

"The use of national currencies is widening in mutual payments; their share in commercial operations among CIS participants has already been above 85%," Putin stated, emphasising the growing trend of using local currencies in trade.

The CIS, formed after the collapse of the Soviet Union in 1991, includes several former Soviet republics such as Russia, Belarus, Kazakhstan, and Armenia. 

The organisation focuses on fostering cooperation in areas such as economics, politics, and defense among its members. 

Putin noted that the shift toward using national currencies is part of a broader strategy to build resilience against external pressures, further strengthening the region's economic stability.

Putin also addressed the ongoing progress in reducing reliance on imports, particularly in the technology sector. 

"The process of import phase-out is moving quickly, and thus the technology sovereignty of our country is being strengthened," he said, pointing to Russia’s efforts to develop homegrown technological solutions.

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