Russia demotes dollar’s role in its economy – The Wall Street Journal
YEREVAN, NOVEMBER 12, ARMENPRESS. Russia makes efforts to reduce dependency from US dollar, and this already led to some results, stated in the article published at The Wall Street Journal.
“Russia is trying to wean itself off the greenback as its economy buckles under U.S. sanctions and the country prepares for stricter penalties expected later this month”, the article says. “The so-called de-dollarization process, backed by President Vladimir Putin and Russia’s central bank, should help soften the blow if new Western sanctions target the financial system”.
Already, the dollar’s role in the Russian economy has been shrinking. The share of foreign-currency deposits held by individuals and firms in Russian banks has fallen to 26% this September, from a 2016 peak of 37%, according to Wall Street Journal calculations based on central-bank data. And the share of dollar-priced export revenues fell to 68% in the second quarter of this year, from over 80% in 2013, central-bank data shows.