Republic

VTB Bank CEO: 1998 default will never repeat

The 1998 default will never repeat, VTB President – Chairman of the Board Andrei Kostin believes. “Today currencies are stable and such problems as the 1998 crisis will never occur,” the banker said. According to Andrei Kostin, due to the stabilized economic situation the CIS member states may pay for goods and services in local currencies not US dollars and euros including for energy carriers. “The CIS countries should not make mutual payments in US dollars and euros. We deem it necessary to start using local currencies to carry out transactions. Representing the most developed economy the Russian ruble might take a leading position in these payments. Other currencies might be used to conduct transactions as well,” Andrei Kostin noted.