icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russian ruble makes top 20 popular currencies list

Russian ruble makes top 20 popular currencies list
The Russian ruble has become one of the 20 most frequently used global currencies, SWIFT interbank transfer system data shows.

The ruble holds the 20th spot with a share of 0.18% in international settlements. It’s not the first time that the ruble has made the top 20. The Russian national currency appeared in the rating in December 2016, also in 20th place, with a share of 0.26%.

The most popular global currency is predictably the US dollar with a 39.38% share, followed closely by the euro with 38.43%. In third place and far behind the first two is the British pound sterling with 5.99%.

Also on rt.com Digital ruble will become legal tender in Russia before 2030 – Finance Ministry

The top five also included the Japanese yen (2.74%) and the Chinese yuan (2.19%).

Russia has been actively promoting its national currency as a means of international settlement with its trading partners, moving away from transactions in the US dollar.

The ruble’s share in Russia’s bilateral trade with China has seen a rise from 1% in 2013 to 5.7% in 2020. Also, according to Russia’s newly released 10-year financial market development strategy, Moscow is aiming to step up efforts to boost the share of its national currency in settlements with international partners.

Also on rt.com Russia & China continue ditching US dollars in settlements in favor of national currencies

As many countries worldwide have recently been ditching the US dollar, its decreasing percentage in the total volume of international payments has been making room for other currencies. Therefore, “taking into account the relatively small current share of the ruble in international settlements, even a slight change in the indicators of more prominent currencies can significantly affect the place of the ruble in the rating,” Dmitry Babin, investment expert from BCS World of Investments, told RIA Novosti.

“Nevertheless, it is unlikely that in the foreseeable future the dollar and the euro will significantly reduce their participation in global transactions since the economies of the US and EU remain large and diversified enough to maintain the global status of their currencies,” he stated.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.