Russia’s and India’s authorities announced the creation of the bilateral working group to develop mechanisms for the national currencies use in mutual settlements. The decision was made public by Ksenia Yudaeva, the Bank of Russia first deputy, and G. Padmanabhan, the RBI executive director. Such a step is vital amid the current geopolitical situation as the Russian-Indian group will serve interests of businesses of both countries, the statement says.
The central banks’ officers will take control over the group the members of which are to be experts in banking and ministries’ representatives. Previously, Russia stated intentions to boost the volume of mutual direct payments in rubles and renminbi. After Russia-China negotiations both parties voice opinion that raising the volume of direct settlements will favor not only trade sector, but also investment and lending sectors. As the result, both countries decided on stimulating the growth of mutual investments in transport infrastructure, mineral deposits developments, and construction of affordable housing in Russia.
