Vnesheconombank Chairman Vladimir Dmitriev’s Interview to TV Channel Russia 1
Russia 1
Vesti, Moscow,
July 8, 2015 18:05
Host: And now we have a chance to put questions to Vnesheconombank Chairman Vladimir Dmitriev. Vladimir Alexandrovich, the BRICS countries’ banks have already been cooperating for 5 years, earlier, payments were for the most part made in dollars, are there any plans to transfer to payments in national currencies?
VLADINIR DMITRIEV CHAIRMAN OF STATE CORPORARTION ‘BANK FOR DEVELOPMENT AND FOREIGN ECONOMIC AFFAIRS (VNESHECONOMBANK)’): So far, this pattern of relationship has been functioning at a bilateral level. Russia’s and China’s central banks signed an agreement on currency swaps. As part of the BRICS Countries Interbank Mechanism and in the context of a multilateral agreement we signed, we are working with our national regulators with a view totransferring to payments in national currencies with regard to long-term projects. We believe that we are at an advanced stage of discussing these issues with our central banks.
Host: Are third countries entitled to join BRICS and SCO financing institutions, for example Greece?
VLADINIR DMITRIEV:We do not rule out thatthose countries, which are not classified as developing economies, and which are members of other economic blocs, might hope for membership in the BRICS bank for their projects to be financed with funds of this financing institution.
Host: Is VEB planning to raise funds in the BRICS countries’ currencies in the near future?
VLADINIR DMITRIEV: We have already entered into several agreements signed inyuanswith the China Development Bank and the Eximbank of China. We are now in talks both with regulators in China and with the Central Bank of Russia about applying currency swaps mechanism agreed upon between the two regulators to transactions of more than one year, that is, moving from funding mutual trade in national currencies to funding investment projects. I think that in this respect, our prospects are good.
Host: Thank you. Vnesheconombank Chairman Vladimir Dmitriev answered Vesti’s questions.
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