Elvira Nabiullina, head of Russia’s central bank, highlighted challenges in cross-border payments, including settlement issues and falling trade volumes. She stressed the importance of finding new solutions, such as using digital currencies and collaborating with global partners, to address these issues.

Russia Faces Cross-Border Payments Issues Amid Declining Trade

Russian Central Bank Governor Elvira Nabiullina has outlined a number of issues facing Russia with cross-border transactions, including difficulties in paying for imports and falling trade volumes, Tass reported on Friday. Speaking after a meeting of the central bank’s governing council on key interest rates, she stressed that the Bank of Russia is focused on addressing these challenges and exploring digital currencies as a potential solution.

Nabiullina made it clear that finding new ways to manage cross-border payments is a top priority, stating: “Of course, finding different mechanisms for cross-border payments is at the heart of our actions.” She highlighted the promise of digital financial assets and central bank digital currencies (CBDCs) but stressed the need to collaborate with global partners. The central bank governor clarified:

There is a prospect of using digital financial assets, digital currencies of central banks — we are ready for this. But it is important that we find mutual understanding with our partners here.

She noted that the Bank of Russia is working through both bilateral and multilateral frameworks, such as BRICS.

Nabiullina pointed out that the situation is getting worse for importers due to payment complications. She is quoted as saying:

In recent months, the cross-border payments landscape has become more complicated for importers.

Falling energy prices led to a decline in exports, while stable import levels contributed to a deterioration in the trade balance from July to August.

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