Russia and Pakistan may still introduce national currency swap deals in trade despite the falling ruble, Pakistani Finance Minister Mohammad Ishaq Dar said in an interview to PRIME Tuesday.
“Such issues (abandoning a peg to the US dollar in foreign trade) are regulated by agreements on currency swaps. We, for instance, have such experience in working with China. Similar talks with Turkey are at a final stage. So we could develop such a program for Russia,” Dar said.
The ruble’s devaluation will not hurt the negotiations. “The devaluation is Russia’s problem in the first place. A stable currency helps develop a country. At the beginning of last year, the Pakistani currency was very volatile, but we gradually stabilized it,” he said.