Bank of Russia, State Bank of Vietnam discuss settlements in national currencies

Russia and Vietnam keep building their ties, as earlier this month the Bank of Russia and the State Bank of Vietnam conducted consultations on organising mutual settlements in national currencies. Representatives of the Moscow Exchange, or Moskovskaya Birzha OAO (MCX:MOEX), as well as of Russian and Vietnamese commercial banks also attended the talks.

fanned-dong-smThe attendees discussed the legal framework and banking infrastructure readiness for such settlements, outlined several measures to reduce costs for banks and their customers and to support liquidity in the Russian ruble and Vietnamese dong.

The participants considered preliminary plans to launch trades in the ruble-dong (RUB/VND) currency pair at the Moscow Exchange.

The implementation of these plans as well as further initiatives will be a topic of discussion at a joint meeting of the Russian-Vietnamese working group on interbank collaboration scheduled for early September 2015.

Russia continues to enhance its financial ties with its Asian partners. In June this year, Russia’s and China’s central securities depositories signed a Memorandum of Understanding.

To view the official announcement on the bilateral talks of Russia an Vietnam, click here.

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