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Switching to national currencies in intra-CIS trade seen as justified

MINSK ( BelTA) – Switching to national currencies or currencies of the states that do not take unfriendly actions against the CIS countries in the intra-CIS trade is justified, First Deputy Chairman of the CIS Executive Committee, CIS Executive Secretary Leonid Anfimov said at the joint session of the CIS Council of Permanent Plenipotentiary Representatives and the Commission on Economic Affairs at the CIS Economic Council on 30 March, BelTA has learned.

"About 10 years ago, I said that the era of the U.S. dollar would be over, and that this currency would lose its positions by 2025. It would suffer either significant losses or would have lesser influence on the world economy. By 2030, the U.S. dollar will cease to be the world's reserve currency. Therefore, in my opinion, switching to national currencies or currencies of states that do not take unfriendly actions against the CIS countries in mutual trade is quite justified to. First of all, these are the yuan and other currencies that can be used as reserve currencies instead of the U.S. dollar and the euro," Leonid Anfimov said.

Belarus has long been under sanctions but it used it as impetus to development, he said. "The output has been continuously growing. It did not shrink as it happened in states dependent on external factors. They would not survive if sanctions were imposed against their economies," he stressed.

"We have a relatively self-sufficient economy. Moreover, our main market is the CIS countries. These sanctions will not affect our country badly in terms of economic growth. We will adjust and make up for the losses that our economies my encounter shortly," Leonid Anfimov added.

The participants of the meeting are discussing seven items. They include the draft agenda for the next meeting of the CIS Heads of Government Council, the preparations for the next meeting of the CIS Ministerial Council, the work on the roadmap to implement the initiatives put forward by the heads of delegations during the meetings of the CIS Heads of State Council, the CIS Heads of Government Council, the CIS Ministerial Council and the Economic Council.

The meeting will also review the performance of the CIS sectoral cooperation bodies in 2021 and the CIS Advisory Council on Labor, Employment and Social Security over the past five years.

Preliminary results of the action plan to implement the memorandum on deepening the interaction between the Executive Committee of the Commonwealth of Independent States and the Eurasian Economic Commission are also reviewed.