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Settlements in sums

EXIMBANK OF RUSSIA JSC, part of Russian Export Center, opened the first correspondent account in Uzbek sums for Russian banks. Simultaneously, several Loro accounts in Russian rubles were opened in Russian banks for Uzbek banks.
REC Group increases opportunities for exporters and importers of Russian goods, providing them with the possibility to perform transactions in the national currencies of the countries, which are the main trade partners of the Russian Federation.
“Infrastructure solutions for promoting the use of national currencies in international settlements will allow to reduce the exporter’s financial risks. They provide the possibility to synchronize revenue and liability flows in a single currency. As a result, it can be expected that the default risks will be reduced,” Veronika Nikishina, General Director of REC JSC, said.
Even before the quarantine measures, REC management held several meetings with the potential ruble bond issuers from Uzbekistan for bond issue underwriting with EXIAR JSC. This instrument shall increase opportunities of the Uzbek party in obtaining financing in Russian rubles and promote the settlements in the national currencies.
“We have discussed the parameters of transactions and hope these best practices will help us to close the first deal by the end of the year. Financing in rubles is highly sought by Uzbek counterparties. It is worth reminding that the soft-term financing program in Russian rubles introduced by the Ministry of Industry and Trade is applied when financing hi-tech Russian exports,” head of REC JSC said.
The REC Group is continuously expanding the network of correspondent accounts (Nostro accounts) in national currencies of Russia’s main trade partners. The same is with Loro accounts with EXIMBANK OF RUSSIA for non-resident banks and with settlement accounts for non-resident legal entities.
These efforts are aimed at increasing the volume of payments and financing the foreign export activity of companies in national currencies.
EXIMBANK OF RUSSIA already performs transactions of Russian companies in Chinese yuan, Kazakhstani tenge, Indian rupee, Kyrgyzstani som, Hungarian forint, and constantly extends this list.
Some trade partners’ currencies are even included in the interest rate subsidizing programs when exporting hi-tech goods from Russia.
“By implementing this practice, we follow our export flows. We actively structure financing deals in some regions with a constant volume of export from Russia. In the other regions, we are building the infrastructure for the future. We open accounts, build relationships with the main players in the local financial markets,” Veronika Nikishina noted.
Understanding the fact that the requirements of the foreign activity participants move beyond settlements and financing, REC actively participates in the further development of the national currencies financial market infrastructure.
“It is very important to ensure accessible financing to promote exporters to choose the settlements in national currencies. This means not only the possibility to obtain financing but, first of all, to obtain it on beneficial terms. The next important aspect is the development of instruments for trading the currencies of Russia’s trade partners, including risk-hedging instruments, at the national foreign exchanges and commodities exchanges,” REC’s head said. According to REC, in 2019, exports to Uzbekistan was worth $3.9B, 93% of which accounted for non-resource exports. Non-resource export growth was up 25% compared with a year earlier.
The main products exported from Russia are forest products, iron and steel products, engineering products, and agro-industrial products. In 2019, the best dynamics was demonstrated by motor cars, unalloyed flat steel, minerals processing machinery, sun-flower oil, rail cars and rail products of ferrous metals.
REC’s foreign mission in Uzbekistan operates there for several years, and it is an effective platform for communication of Russian and Uzbek companies.