Media ININ Economy We Trust
September 24
The Russian government announced on its website that it has approved a list of 31 friendly and neutral countries, led by the United Arab Emirates, allowing banks and speculators to trade in the foreign exchange market and the financial market in Russia. This step aims to make the direct transfer of national currencies to friendly and neutral countries and form offers. Direct rates for the ruble are more efficient.
According to Sputnik, the list includes 8 Arab countries: the United Arab Emirates, Bahrain, Egypt, Qatar, Oman, Morocco, Saudi Arabia, Algeria, in addition to Azerbaijan, Armenia, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, and Bangladesh. , Brazil, Venezuela, Vietnam, India, Indonesia, Iran, China, Cuba, Malaysia, Mongolia, Pakistan, Serbia, Thailand, Turkey, South Africa.
The Moscow Stock Exchange revealed that, as of September 25, the UAE dirham and Russian ruble pair will be added to the set of foreign exchange market tools with settlements in rubles. The new trading mechanism allows opening a financial position without actual settlements in a specific currency and targets a wide range of clients who need to hedge in spot transactions.
Before the adoption of these rules, only Russian residents could engage in forex trading, and most of them did not have the opportunity to provide liquidity in national currencies in the required volume.
The decision was prepared to implement the new standards of the Federal Law “On Regulated Trade”, adopted in July 2023. These rules aim to increase the efficiency of the mechanism of direct conversion of national currencies of friendly and neutral states and to form direct quotes for the ruble to meet the demand of the Russian economy for payments in the national currency.
