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Deputy Finance Minister Moiseev described the yuan and dirham as a currency for Russia to replace the dollar and euro

MOSCOW, September 8 – RIA Novosti. The Chinese yuan, UAE dirham and some other currencies of friendly countries will replace the “toxic” dollar and euro during the devaluation of the Russian banking sector, said In an interview with RBC, Deputy Finance Minister Alexei Moiseev.

“Currently, the first currency everyone looks at is the yuan, of course, because there is a large market and the exchange rate is at least stable against the dollar. But the yuan is not the only currency. The dirham (the currency of the United Arab Emirates) and a number of other currencies of smaller markets unit is also being evaluated,” said Moiseev.

According to him, foreign banknotes suitable for the Russian banking sector should have exchange rate stability and liquidity, and the issuing country should not impose restrictive currency controls.

Moiseev also noted that some currencies are not suitable due to their high volatility.

“I will not name these currencies, I do not want to offend our partners,” the deputy minister said.

Speaking about the prospects for the Chinese currency, Moiseev noted that since February, the trading volume of the ruble-yuan currency pair on the Moscow Stock Exchange has increased by 50 times. The deputy minister explained that the UAE dirham is attractive due to its stability as the exchange rate is pegged to the dollar. At the same time, he expressed the opinion that Russia no longer needs dollars.

“I support experts who believe that there is no need to accumulate assets in this currency. Actually, it is impossible,” said Moiseev.

The Deputy Finance Minister noted that even for Russians who have not come under Western sanctions, he thinks that the accumulation of funds in the US currency is meaningless.

Source: Ria

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