More than half of foreign trade payments between Uzbekistan and Russia are denominated in national currencies, TASS reported with reference to the Deputy Minister of Economic Development of the Russian Federation Dmitry Volvach.

On October 4, at a joint meeting of business councils of the two countries, Volvach announced an increase in the share of national currencies in foreign trade transactions.

“Growing exports and imports must be well supported by settlement mechanisms. We are confident that it is precisely settlements in national currencies, the use of national, independent from third, external, financial regulation participants who are not always loyal to us, a system of financial settlements should exist. And we are building it with our colleagues from the Republic of Uzbekistan,” he said.

According to him, in the first half of the year the share of settlements in national currencies reached 55%, although previously it was only 45%.

Volvach also drew attention to the growth of bilateral trade since the beginning of the year.

“Our trade turnover has grown by an additional 14.5% in price terms over the seven months of this year, after the champion level of last year. Our physical volumes have grown by almost 40%, both exports and imports have increased,” the Russian official noted.

In particular, Uzbekistan increased its exports of textile products to Russia by 25%, and food products - by 35%. In addition, supplies of Uzbek cars and vehicles are growing.

In turn, Russia increased exports of mineral products to the republic by 61%, food by almost 5%, and chemical products by more than 20%. In addition, supplies of metals and wood remain at a stable level, Volvach added.

In September, the Minister of Industry and Trade of the Russian Federation Denis Manturov reported that more than 50% of payments for foreign trade transactions between Uzbekistan and Russia are made in rubles.