Russia’s central bank dumped $101bn last year in its biggest-ever shift away from the US currency amid fears of new sanctions.But the Kremlin’s drive to wean the rest of the economy off the greenback has been slower going.Despite President Vladimir Putin’s regular public exhortations to accelerate “de-dollarisation,” even the country’s state-owned companies are sticking to the currency.Shifting to the rouble, yuan or euro means higher costs and difficulties finding banks to handle business, according to executives.The government’s programme to speed the shift has barely gotten off the ground, officials say, speaking on condition of anonymity because the facts contradict the …read more
Source: Gulf times
