The Bank of Russia created the department for international settlements organization. The department will deal with transition to settlements in national currencies and expansion of opportunities for cross-border operations. The regulator said in a press release.
"The new structural unit - the department for international settlements organization - was created in the Bank of Russia on February 15, 2023. The department will deal with issues that have become particularly relevant in the context of sanctions against Russia. They include development of correspondent relations of Russian banks with counterparties from friendly countries, transition to settlements in national currencies, as well as expansion of opportunities for cross-border transactions," the report says.
Mikhail Kovrigin, who previously headed the department of strategic development of the financial market of the Central Bank of Russia, became the head of a new department.
GSV "Russia - Islamic world"
Photo: Moscow-Live/Creative Commons 2.0
Based on materials from TASS