Russian President Vladimir Putin recently made a significant announcement regarding the use of national currencies within the Commonwealth of Independent States (CIS). According to Putin, more than 85% of trade within the CIS is now conducted using national currencies, marking a significant shift towards greater financial independence for member countries.
This development is part of a broader effort by CIS countries to reduce their reliance on foreign economic systems, particularly in terms of imports. By conducting trade in their own currencies, member countries are able to build more resilient financial systems that are less vulnerable to external economic pressures.
The move towards using national currencies in trade within the CIS is a strategic decision that has been in the works for some time. By reducing their dependence on foreign currencies, member countries are able to protect themselves from fluctuations in exchange rates and other economic uncertainties that can arise from using foreign currencies.
In addition to the economic benefits of using national currencies in trade, this shift also represents a symbolic move towards greater sovereignty and independence for CIS countries. By conducting trade in their own currencies, member countries are asserting their autonomy and asserting their ability to make decisions that are in their own best interests.
Overall, the use of national currencies in trade within the CIS is a positive development that highlights the growing strength and resilience of the member countries’ financial systems. By reducing their reliance on foreign currencies, member countries are able to build more stable and sustainable economies that are better able to withstand external economic pressures.