How much have Uzbekistan and Russia increased the share of settlements in national currency?

The share of settlements in national currencies between Uzbekistan and the Russian Federation increased to 55% in the first half of 2023. This announcement was made by Dmitry Volvach, the Deputy Minister of Economic Development of the Russian Federation, during a joint meeting of the Uzbekistan-Russia and Russia-Uzbekistan business councils.

Today, on October 4th, a joint meeting of the Uzbekistan-Russia and Russia-Uzbekistan business councils took place as part of the third forum of interregional cooperation between Russia and Uzbekistan.

"We continue to conduct transactions in our national currencies. The growth in exports and imports should be well-supported by settlement mechanisms. We believe that there should be a system of financial settlements, including settlements in national currencies, involving national and third-party independent external financial regulatory participants, who are not always aligned with our interests. We are building this system in collaboration with our colleagues from the Republic of Uzbekistan. In the first half of this year, the share of settlements in national currency increased to 55%, up from the initial 45%," stated Volvach.

Let's recall that on May 25th of this year, President Shavkat Mirziyoyev, who participated in the extended meeting of the Supreme Eurasian Economic Council, announced that Uzbekistan would continue to work on developing settlements in national currencies.