- Home
- Business
- Russian Government Preparing Incentives to Transfer Currency Liquidity From Dollar to Euro
Russian Government Preparing Incentives To Transfer Currency Liquidity From Dollar To Euro
Fahad Shabbir (@FahadShabbir) Published June 07, 2021 | 05:00 PM
MOSCOW (UrduPoint News / Sputnik - 07th June, 2021) The Russian government is preparing incentives to transfer all the Currency liquidity in the economy from Dollar to euro, directives for state-owned companies could be issued, Dmitry Timofeev, the head of the Russian Finance Ministry's department of external restrictive measures control, announced on Monday.
"Our goal is to make Russia a euro-oriented country, so that the dollar is replaced by the euro, and I think we have every reason for this. This will also apply to the liquidity of currency exchange, and so on. But incentives are needed for this, so we support the proposals on the use of such incentives ... There may be different incentives, but since we are a market economy, we cannot just order: stop using dollars," Timofeev told Russia's lower house lawmakers.
"There may be positive and negative incentives.
In principle, directive methods are possible for some state-owned companies, so much complex work is needed to move the entire economy further away from the dollar, which, in fact, will allow us to avoid sanctions and make the world more democratic," Timofeev continued.
According to the finance ministry's official, the dollar currently accounts for 80 percent of the currency exchange on the Moscow Stock Exchange, the euro accounts to less than 20 percent, and the Yuan and other currencies are completely non-liquid.
"So, we have information that some large organization, having received earnings in Euros in Europe, which is our key trade partner, converts euros into dollars, brings Dollars here and sells them here for rubles, respectively, because they need rubles. Actually, we have not gone anywhere from the dollar," Timofeev explained.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From Business
-
Pakistan retains position in FTSE secondary emerging market
60 minutes ago -
Pakistan retains position in FTSE secondary emerging market
56 minutes ago -
China's competitive car market at heart of global EV revolution
1 hour ago -
China's Xiaomi enters car market with new electric vehicle
55 minutes ago -
Pak-Türkiye strategize to boost bilateral trade to $5 billion
3 hours ago -
Chief Representative of CFFEX in Pakistan and PSX Director meet Finance Minister
3 hours ago
-
Banks to open on March 30, 31 to facilitate tax collection
4 hours ago -
Stock markets rise before Easter break
4 hours ago -
NCA approves revised first quarter GDP estimates for 2023-24
4 hours ago -
26% increase on tobacco tax can reduce PKR 300bn in health cost
5 hours ago -
Minister expresses anguish over alleged use of poor-quality material
6 hours ago -
Commerce Minister initiates push for E-commerce growth with in-house briefing
6 hours ago