Belarus, China have potential to use national currencies in mutual trade

14 June 2011

MINSK (BelTA) – Belarus and China have great possibilities to start using national currencies in the mutual trade, Belarus Vice Premier Anatoly Tozik told media on 14 June.

The official reminded that in March 2009 the central banks of Belarus and China signed an agreement on carrying out a swap transaction (equivalent to $3 billion). Belarus has already received Ґ6 billion from the People’s Bank of China (almost $1 billion). A necessary legal framework has been set up to provide corporate and individual clients with an opportunity to open accounts in yuans.

“We have got good opportunities today to begin using national currencies in mutual trade. Five years ago the bilateral trade was only $800 million. We ended up last year with a figure of more than $2.5 billion. Why do not we use yuans in this turnover? Loans can be also denominated in yuans,” Anatoly Tozik said.

The Vice Prime Minister believes that the use of national currencies in foreign trade, instead of dollars and euro, is advantageous for China and Belarus. However, the funds received under the swap transaction have not been used so far. There are still several outstanding issues.

Ministry of Foreign Affairs of the Republic of Belarus