| RFA: Usage of Rubles in N. Korea-Russia Trade Deals Facing Technical Delay |
| 2014-08-27 Updated. |
| |
Radio Free Asia says the usage of the Russian ruble as the key currency in settling trade transactions between Russia and North Korea has yet to take place due to technical problems.
The report said Wednesday that there was no news of the two countries settling their trade accounts with rubles. Such move was set to begin in June.
The report added that Minister of the Development of the Russian Far East Alexander Galushka and North Korea’s Ambassador to Russia Kim Yong-jae discussed earlier this month delaying the usage of rubles in settling transactions.
The report said the North’s lack of preparation is the most likely cause of the technical problem that has delayed the usage of rubles in bilateral transactions.
During a meeting between high-level government officials in June, North Korea and Russia agreed to use the Russian ruble as the key currency in settling trade transactions and to set up North Korean accounts in Russian banks.
North Korea currently uses euros as the official currency in settling overseas trade deals.
|
|
List