“There are a lot of questions about this system.” Analysts have praised the idea of ​​a supranational currency

Experts from the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF) and the Institute for Economic Forecasting of the Russian Academy of Sciences proposed the creation of a new payment system between Russia and all interested countries. They said it was necessary to bypass Western sanctions that have cut Russia off from global capital markets and make currency conversion difficult.

Among the countries that could use the new currency, experts named the EUSR countries, Southeast Asia, Iran and Turkey. The exchange rate of such a currency will depend on the weighted average price of resources on the world market and the conversion will be carried out by the clearing house of the system.

According to Alexander Rogozhin, head of the Department of Global Economics at the Russian Academy of Sciences, the head of the MGIMO department, the issue of introducing a supranational currency is both complex and interesting. However, this is to some extent a repetition of the past, when domestic experts try to do something similar to collective self-sufficiency and substitution of imports “on the basis of a” defensive fortress “.

“I am very skeptical about the idea of ​​any new currency. There will be no new currency. It will not work. This is another proof of how far our science is from practice. Usually such offers are made for the sale of something. But no one thinks about what can be bought with the new currency he received. And I always want to offer the instigators of such proposals to give them a patch in yuan, tugrik, som, among other things in a unique new currency. Suppose we sell petroleum products in Kyrgyzstan. Kyrgyzstan paid with the new currency. Where can we buy something for this? In an extremely narrow circle of countries with completely different economic development. So what, for example, can Kyrgyzstan sell us? “He can supply us with his products, but to produce it we need machines, we need equipment he has to buy for dollars,” Rogozhin explained.

Any country, be it Kazakhstan, Uzbekistan, Kyrgyzstan or Belarus, will always hide goods that can be sold in freely convertible currency (hard currency), the expert added. And goods that are not really needed will be offered for settlements on the new currency. Even Cuba will not be interested in the new currency because of its economic connection to the millions of Cubans living in the United States. Cuba now receives more than $ 0.5 billion from relatives in the United States. Therefore, the inhabitants are interested in Russia paying them in dollars, so that they have something to buy oil, medical and industrial equipment.

Alfa Capital economist Vladimir Bragin recalled that many attempts were made to create supranational currencies. In ancient times, silver was such a currency, in the Warsaw Pact countries and the Soviet bloc an attempt was made to create an “external ruble” and more recently they tried to create SDRs (special drawing rights – artificial reserve and means of payment issued by the IMF based on the dollar value of a basket of US dollars, euros, yuan, yen and pounds sterling). However, all these efforts were not very successful or short-lived – as soon as disagreements arose between the countries, supranational systems began to collapse.

“There are many questions about supranational systems – how to regulate the exchange rate, what it should be equal to, what it should consist of. As a rule, this creates additional inconvenience in terms of turnover. The artificial creation of a supranational payment system is a correct and necessary idea, but it does not seem realistic. Too many conflicting interests. Even in the Soviet bloc, the market was dominated by the ruble as the currency of the country with the dominant economy and the currency in which it was in use. In the current situation, the yuan is suitable for this role, as the currency of one of the dominant countries in the market. “But how much it is in China’s interest to strengthen the national currency is another question,” he added.

Earlier, State Duma Speaker Vyacheslav Volodin said Russia should expand the list of goods exported for rubles. According to the speaker, Russian businessmen should trade for the domestic currency in those sectors where it suits them. This category includes not only gas but also fertilizers, cereals, petroleum, petroleum, coal, metals, timber, etc.

Volodin noted how actively the payment for gas in rubles is being discussed abroad. Earlier, the Russian Federation demanded that foreign partners pay for gas in Russian currency.

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