Dollar’s Role Shrinks as 80% of Russian Export Revenues Shift to Non-Toxic Currencies

Russia’s cardinal bank, the Bank of Russia, has revealed that implicit 80% of large Russian exporters’ revenues are present denominated successful rubles and “friendly” currencies, marking a important displacement from Western currencies. Deputy Governor Philipp Gabuniya highlighted this transition, noting that the stock of “toxic” currencies — namely the U.S. dollar and euro — dropped […]