Trade In National Currencies To Have 'Healing Effect' On Global Economy - Lavrov

NAIROBI (UrduPoint News / Sputnik - 29th May, 2023) A transition to transactions between countries in national currencies will have a "healing effect" on global economy and international trade, Russian Foreign Minister Sergey Lavrov said on Monday.

"This is an objective process, it will gain momentum, and we believe that it will have a healing effect on the world economy, on international trade and economic and investment ties," Lavrov told reporters during his visit to Kenya.

The minister also noted that settlements between Russia and Kenya is still in Dollars, as bilateral trade is not that big yet and amounts to less than $400 million as of yet, adding that countries will certainly switch to national currencies in the future.

"This applies not only to Africa, but also to Latin America and our partners in Asia, with Iran, with India, and with China. We are already actively shifting to settlements in national currencies. The share of the Dollar (in Russia's trade) is gradually declining," he said.

Earlier in the day, Lavrov arrived on a working visit to Kenya's capital of Nairobi. The previous visit of the Russian foreign minister to Kenya took place in 2010. Lavrov's current visit is his fourth trip to Africa in the past 12 months.