The head of the PSB predicted the transformation of the international settlements market

The international settlements market is undergoing a stage of structural transformation, says Peter Fradkov, Chairman of the PSB. He expressed this opinion at the session "Reassembling the Global Financial System" at the XXIX St. Petersburg International Economic Forum.

According to him, global payment systems are gradually being replaced by national solutions, the geography of their use is expanding, and alternative instruments are becoming more actively part of the practice of foreign economic activity. "The topic of cross-border international settlements is no longer the prerogative of several players. As the number of transactions increases, so does the number of participants in these processes," said the Chairman of the PSB.

Fradkov called the replacement of global payment systems with national solutions and the expansion of their geographical use one of the basic trends. This process, the head of the PSB emphasized, is connected, among other things, with the departure from the dollar, which is typical not only for Russia, but also for many countries actively involved in international trade.

"The slogan "moving away from the dollar" is not our unique slogan. This is, in principle, the slogan of almost all major trading countries," he said. Fradkov noted that the entire international financial system of recent decades, including regulation of the global market of payment instruments, limited the sovereignty of individual countries.

According to the head of the PSB, in the new conditions, the task of Russian financial institutions is not only to ensure settlements with Russia, but also to enter the international level as an independent center of settlement infrastructure. "We must be an international player on a global level. To be one of these centers," he said.

Fradkov also noted that the architecture of the global financial system is changing. "We will talk about a set of national or regional, sub—regional solutions for supporting foreign economic activity that compete with each other," concluded the chairman of the PSB.