After recovery of relations: Russia begins trade with Turkish Lira

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The Moscow Stock Exchange plans to launch trading with the Japanese Yen and the Turkish Lira next year, said the head of foreign exchange market development at the Russian stock exchange Dmitry Piskulov on Friday.

The Moscow Stock Exchange gradually expanded a list of currencies it trades, in line with the Kremlin’s desire to strengthen the role of the Ruble in the global market, reports Turkish daily Hürriyet.

Dmitry Piskulov said in conversation with the news agency Reuters that the exchange of Yen-Ruble will be offered in early 2018. The trade of Turkish Lira with the Ruble will be available in mid-2018.

Piskulov said that the decision to start trading with the Turkish currency is driven by a „political process“ and market demand, as Turkey and Russia are close trading partners.

„This is a de-dollarisation of foreign trade and international economic relations“, Piskulov explained.

The Moscow Stock Exchange, formerly known as Micex-RTS, currently trades the Russian Ruble with the currencies US Dollar, Euro, British Pound, Swiss Franc, Chinese Yuan, Belarusian Ruble and Kazakh Tenge.

The Moscow Stock Exchange, which also offers trading Euro-US Dollar, suspended trading with the Ukrainian Hryvnia in August due to weak demand due to poor relations between Moscow and Kiev.

(Bildquelle: Marko Greitschus/pixelio.de)

 



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