Moscow exchange may sell the business of organizing trading in the ruble-dollar pair
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Moscow Exchange may in the future consider the possibility of selling the business of organizing foreign exchange trading in the ruble-dollar pair, said Sergey Shvetsov, head of the supervisory board of the exchange, at the Banks of Russia – XXI century forum.
According to Shvetsov, in addition to the commercial one, the Moscow Exchange also performs a nationwide function, so this pair will be supported as long as the Russian economy needs to convert the dollar into the ruble.
“Part of Russian exports and imports are still in dollars, but there is a fading trend. Probably, at some point, in some future, I do not rule out that the Moscow Exchange will sell this business. But it is clearly not in the near future. If Russia’s trade and investment relations with the outside world are non-dollar and the dollar loses its function, I do not rule out that it will not be of interest to either the regulator or the exchange,” said the head of the supervisory board of the exchange.
After the start of Russia’s special operation in Ukraine, Western countries imposed economic sanctions on the country, which apply to Russian banks, cash, etc. As one of the measures to support the economy, the government transfers foreign trade settlements to national currencies. Yes, cabinet plans to double the share of foreign trade settlements in rubles by 2025 from 19.5% last year to 40%; Thus, it is assumed that 60% of foreign trade will be conducted in currencies other than dollars and euros.
According to the Bank of Russia, in 2021, most payments for exports were made in dollars (54.5%) and euros (29.7%), the share of the ruble was 14.3%, and other currencies – 1.5%. Payments for imports were also carried out mainly in dollars (35.8%) and euros (30.4%), while the share of the ruble was 27.9%, other currencies – 5.9%.
The increase in the share of settlements in national currencies will be facilitated by the development of infrastructure independent of Western financial centers, according to the Ministry of Economics.
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