At the end of July, for the first time since 2016, the ruble again became one of the 20 most popular currencies in the world with a 0.18 percent share in international settlements. This is stated in the data of the SWIFT interbank transfer system.RIA News…
Last time, and also in 20th place, the Russian currency figured in this rating in December 2016 with a share of 0.26 percent. In July 2021, the first place was taken by the US dollar (39.38 percent), followed by the euro (38.43 percent). The British pound sterling closed the top three with an indicator of 5.99 percent. The top 5 also includes the Japanese yen (2.74 percent) and the Chinese yuan (2.19 percent).
As explained by the expert of “BCS World of Investments” Dmitry Babin, the entry of the ruble into this rating was facilitated by the active promotion of it by Russia as a means of international settlements with its trading partners. Also, against the backdrop of many countries abandoning the dollar, its percentage is decreasing in the total volume of international payments, making room for other currencies.
Based on the small share of the ruble in international settlements, it is expected that even a slight change in the indicator of more “heavy” currencies could have a strong impact on the ruble’s place in the ranking. “Nevertheless, it is unlikely that in the foreseeable future the dollar and the euro will significantly reduce their participation in global transactions,” the expert concluded.
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In July, The Economist called the Russian ruble one of the most undervalued currencies in the world, based on the Big Mac index, which estimates the real exchange rate of local currencies based on the cost of a burger in McDonald’s restaurants in different countries.