Ruble’s global role to strengthen with increasing confidence in Russia’s economy - S&P / News / News agency Inforos
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Ruble’s global role to strengthen with increasing confidence in Russia’s economy - S&P

Ruble’s global role to strengthen with increasing confidence in Russia’s economy - S&P
Context:

The role of the ruble in international payments will strengthen with increasing confidence in the monetary policy of the authorities, the rate of economic growth and the quality of the institutional environment, Director of Sovereign Ratings group at S&P Global Ratings Karen Vartapetov told TASS.

"As a rule, trust in one currency or another is determined by trust in the monetary policy of the authorities, economic growth rates, and the quality of the institutional environment of the country. That is why the dollar and euro are global reserve currencies. World investors and counterparties trust their institutions and monetary policies. When all this happens in Russia, then other countries will use the ruble more in their settlements. So far we are not seeing this," he said.

Vartapetov noted that even settlements with Belarus, the closest trading partner and ally of Russia, are largely built in foreign currency, even in energy resources trade.

"So far there is no reason to believe that this will be the ruble. Most likely, the share of the euro will grow. Such changes do not occur quickly. If we don’t take into account trade within the European Union, the share of the dollar in global settlements is still very high. I do not see any prerequisites for its strong decline. The US economy remains the largest and one of the most competitive in the world. If there is a slight decrease, I would not predict any serious influence on the list of reserve currencies," he noted.

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