Previously unheard of dirhamism – Newspaper Kommersant No. 165 (7366) of 09/08/2022

In Russia, there is a demand for the purchase and sale of the national currency of friendly countries in cash from individuals, and banks are trying to satisfy it. The leader is the Chinese yuan, most of the largest market participants offer exchange operations with it. But the number of currencies available for exchange in cash is growing. The other day, Promsvyazbank (PSB) launched the exchange of Turkish lira for citizens, and Sovcombank – dirham (UAE). Demand for “soft” currencies, experts say, is both among tourists and retail investors who are looking for an alternative to the dollar and the euro.

As it became known to Kommersant, Sovcombank launched operations for the purchase and sale of cash dirham for citizens (currency UAE), although there is not even exchange trading with this currency yet. The bank confirmed this information, emphasizing that the dirham is “one of the most stable currencies in the world” (since 1997, its rate has been fixed against the dollar and remains unchanged at 3.67 dirhams / $). The bank offers it to retail clients for investment purposes as an alternative to the dollar and euro, as well as for use in tourist or business trips to the UAE.

As Philip Agrachev, head of the department of client operations in the financial markets of Sovcombank, explained to Kommersant, they are counting on “the widest audience.” The difference between buying and selling a cash dirham is about 1.5 rubles. Buying a dirham is more interesting than a cash dollar when recalculating the exchange rate, Mr. Agrachev assured.

The launch of the sale and purchase of another “soft” cash currency – Turkish lira – the citizens were announced the other day by another player in the top ten – PSB. “The purchase of the lira is available in the volumes received from citizens at the cash desks of the bank. The sale of currency to the bank is carried out without restrictions, they explained. “People have a demand for Turkish currency to make purchases for cash in Turkey, and customers are also interested in the opportunity to return the currency left after the trip.” According to the PSB estimates, as the tourist flow to friendly countries increases, the turnover for the exchange of “soft” currency is possible. It is already obvious that over time the main currencies will be replaced by alternative ones, they are sure there.

The most widely available in the market within the framework of the purchase and sale to citizens from “soft” currencies is CNY. You can buy or sell it in cash at Sberbank, VTB, Alfa-Bank, Sovcombank, Rosselkhozbank (RSHB), Otkritie, Asia-Pacific Bank (ATB), Expobank and a number of smaller credit institutions. Sberbank also provides the opportunity to buy and sell Turkish lira and tenge in cash, RSHB also works with lira, and ATB works with tenge.

Some of the banks surveyed by Kommersant are ready to develop retail trade in soft currencies. Thus, according to Ernst Becker, Deputy Chairman of the Board of Expobank, the bank assesses the potential demand for “soft” currencies and is working on the issue of delivering cash banknotes from the issuer countries. We are considering the Turkish lira and the Serbian dinar as a priority, followed by the launch of the retail sale of the dirham, he said. VTB is “considering the possibility of expanding” the list of currencies that are available for purchase in cash.

Experts believe that the national currencies of friendly countries in the current environment are able to squeeze dollars and euros on the Russian market.

Thus, Evgenia Lazareva, head of the For the Rights of Borrowers project, recalls the practice of withdrawing cash euros from Russian citizens when leaving in some countries. In the opinion of Mikhail Doronkin, Managing Director of the NKR, the demand for cash “soft” currency can be expected primarily for tourism purposes. “Buying for savings is less interesting because it involves keeping it under the pillow. Interest in investing in soft currencies will depend on the dynamics of their exchange rate against the ruble in the medium and long term,” the expert clarifies.

Active retail trade will be carried out mainly in yuan and partially in lira, believes the head of the NRA rating service, Sergei Grishunin. “Cash may be needed and relevant for travelers, business travelers and those who have not yet acquired foreign bank cards for settlements in friendly countries,” notes Elena Peterson, director of the Kept forensic department. “It can be inconvenient or expensive to take dollars and euros with you: on the spot, the exchange is made at an unfavorable rate. “The demand for “soft” currencies for tourism purposes may grow,” Gennady Shinin, partner of the B1 group of companies (formerly EY in Russia), agrees. “.

Ksenia Dementieva, Yulia Poslavskaya