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Ministry of economic development of the Russian Federation

Tajikistan and Russia may switch to ruble in mutual settlements


The Minister of Economic Development and Trade of Tajikistan Nematullo Hikmatullozoda proposes to use the Russian ruble in mutual trade between Tajikistan and Russia.

The minister of economic development has expressed this idea in an interview with RIA Novosti, noting that such a measure will help to avoid risks from fluctuations in other foreign currencies.

He said the Russian Federation is a key trade and economic partner of Tajikistan. It accounts for more than 20% of the total foreign trade turnover of the country, including more than 32% of imports and about 3% of exports.

"Given that the import supplies to the country make up the major part of the foreign trade turnover with Russia, it would be considered feasible and beneficial to carry out the settlements for these operations in Russian rubles in order to avoid risks from fluctuations in other foreign currencies," Nematullo Hikmatullozoda said.

The minister said that in 1H2018, the foreign trade turnover with Russia increased by 6.6% compared to the same period last year and amounted to $469.5 million, while the volume of imports amounted to $448.5 million and increased by 3.4%, and the volume of exports amounted to $21 million and grew 3.1 times, avesta.tj wrote.

The minister also said that the Russian Federation is traditionally the main importer of agricultural products from Tajikistan. More than 200 enterprises of the food industry and wholesale and retail trade of Russia have expressed readiness to conclude direct contracts with the enterprises of Tajikistan that will allow for establishing the direct, reliable and stable channel of deliveries of Tajik agricultural products to the Russian market.

The main products exported from Tajikistan to Russia are cotton fiber, fresh vegetables and fruits (potatoes, onions, carrots, grapes, lemons, apricots, peaches, cherries), dried fruits, dried vegetables, nuts and rice.

A source: TREND

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