The share of the dollar in settlements for domestic exports in 2020 has dropped to a historic low of 55.8%. At the same time, in the fourth quarter, the share of foreign currency fell for the first time below half of all settlements - to 48.3%, according to the Central Bank data.

This happened due to the increase in the share of the euro in the calculations - in the fourth quarter it rose by 11.7 percentage points to 36.1%. This, in turn, also raised the euro share for the year as a whole, namely by 6.8 percentage points to 27.4%.

This increase can be explained by the trend in settlements with China in euros, as the share of the euro doubled in the last quarter of last year to 83.3%. This led to a share of European currency in settlements for Russian exports with China of 65.3% at the end of 2020, compared to 45.6% in 2019.

In addition, the share of domestic currency decreased by 0.3 percentage points over the year to 14.7%, while the share of other currencies also decreased by 0.3 percentage points to 2.1%.

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Author: Ksenia Gustova