JAT BALWAN
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NEW DELHI: Moscow and New Delhi will switch to trading in domestic currencies in three years, the chairman of Russia's largest state development bank said on Thursday.
"With China it took us three years to (evolve) from initial conversations to trading in local currencies," VEB Chairman Vladimir Dmitriev told reporters on the sidelines of the BRICS summit of emerging world powerhouses - Brazil, Russia, India, China and South Africa.
"I think we will meet similar terms with India," he said. The announcement comes hours before the emerging economies, which are trying to bolster their global influence to reflect their growing economic clout, are expected to sign an agreement to exchange loans in national currencies.
The Times of India: Latest News India, World & Business News, Cricket & Sports, Bollywood
Nice development in Indo-Russia relations...
"With China it took us three years to (evolve) from initial conversations to trading in local currencies," VEB Chairman Vladimir Dmitriev told reporters on the sidelines of the BRICS summit of emerging world powerhouses - Brazil, Russia, India, China and South Africa.
"I think we will meet similar terms with India," he said. The announcement comes hours before the emerging economies, which are trying to bolster their global influence to reflect their growing economic clout, are expected to sign an agreement to exchange loans in national currencies.
The Times of India: Latest News India, World & Business News, Cricket & Sports, Bollywood
Nice development in Indo-Russia relations...
