The Moscow Exchange plans to launch UAE dirham, manat and Egyptian pound trading on the currency market in 2023, Moscow Exchange board chairman Yury Denisov told reporters.
"This year we have launched trading in five new currencies - Armenian dram, South African rand, Uzbekistani soum, Kyrgyzstani som and Tajikistani somoni. We will continue to add new currency pairs. Plans for 2023 include launching trading in the UAE dirham, Azerbaijani manat and Egyptian pound. All these currencies are major foreign trade partners of Russia," he said.
Denisov says that shifting interest towards national currencies and replacing dollar and euro trading volumes by them has become a key trend on the currency market.
According to the exchange, the share of transactions in foreign currencies in the total volume of spot transactions was 34% in November, while it was less than 0.5% at the beginning of the year. The volume of yuan trading increased by 41 times, lira - by 17 times, Belarusian ruble - by 110 times and tenge - by 13 times. The dollar share on the spot market has halved, while the euro's share has slightly increased.
"There are several reasons for the growth of the euro: first, it's a dollar decline, and second, trade relations with European countries persist and provide a fairly large supply and demand in terms of this currency," said Denisov.
Managing Director of MOEX Business Development Kirill Pestov also noted that amid growing demand for national currencies, in 2023 the exchange plans to launch futures on the futures market for pairs "Turkish lira - Russian ruble", "Hong Kong dollar - Russian ruble" and "US dollar - Chinese yuan".
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Based on materials from TASS