Russia, Thailand Consider Using National Currencies in Bilateral Trade

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The banks of the two nations will have to establish a framework for mutual payments in national currencies, Russian Minister of Industry and Trade Denis Manturov pointed out.

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BANGKOK, January 9 (Sputnik) — Russia and Thailand are considering switching to making payments in national currencies in bilateral trade, Russian Minister of Industry and Trade Denis Manturov said Friday.

"Today we have been discussing switching to payments in local currencies and using bahts and rubles in our trade relations. This will give additional advantages to our private companies," Manturov said in Bangkok following a meeting with Thailand's new Foreign Minister Thanasak Patimaprakorn.

Manturov added that the banks of the two nations will have to establish a framework for mutual payments in national currencies.

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"For our Thai counterparts the idea was a new one, but I believe that they considered it to be interesting, and we will return to it during the next session of the Commission", the minister noted.

In 2014, Russia agreed to increase payments in national currencies with China, Iran and Turkey. The main benefits of mutual payments in national currencies are the absence of charges for currency conversion, direct payments and higher transparency in relations between the banks.

In November, Russian President Vladimir Putin said that Russia plans to quit the "dollar dictatorship" in global trade and begin to increase the use of other national currencies, in particular, the ruble and the yuan.

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