Yuan outperforms dollar on Moscow Exchange
Date
12/22/2022 4:13:06 AM
(MENAFN) This year, the Moscow Exchange has seen a significant increase in trading in currencies from so-called "friendly" countries, or those that did not impose sanctions on Russia, driving out the United States dollar, according to Yury Denisov, the president of the exchange.
Volumes have increased the highest in the Chinese yuan and Belarusian ruble, by 110 and 41 times, respectively, while Turkish lira and Kazakh tenge transactions have increased by around 17 and 13 times, respectively. From 0.5 percent in early this year, the overall portion of trading volume currently attributed to "friendly" currencies had increased 70-fold to 34 percent as of November.
A portion of the rise in lira turnover, according to Kirill Pestov, managing director of the exchange's business development division, can be attributed to Russian visitors' desire for the Turkish currency.
According to Denisov, the proportion of United States dollars used in spot transactions has decreased from 84 percent to 42 percent while turnover in euros marginally increased as commerce with European nations persisted.
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