Ruble Set to Become Regional Reserve Currency, Ulyukayev Says

Russia’s ruble is becoming a regional reserve currency, Bank Rossii First Deputy Chairman Alexei Ulyukayev said.

“It’s reasonable to think of the Russian ruble as a regional reserve currency for the countries of the former Soviet Union,” and other nations that have “a traditionally large share of trade with Russia,” Ulyukayev said in an interview in Moscow today.

“This is seen in increasing volumes of settlements in rubles, including between third parties,” he said. “Trade partners are accumulating rubles and investing them, there are significant volumes of ruble Eurobonds placements by issuers including non-residents of Russia and investors of different levels are viewing the ruble as an instrument of payment and savings.”

To contact the reporter on this story: Paul Abelsky in Moscow at pabelsky@bloomberg.net; Maria Levitov in Moscow at mlevitov@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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