Moscow Exchange Chairman Yuriy Denisov, speaking to reporters in the capital Moscow, said that the demand for the currencies of friendly countries is increasing rapidly in the country.
Emphasizing that the share of these currencies in the Moscow Stock Exchange has increased 70 times this year, Denisov said, “While the demand for the yuan increased 41 times, the demand for the Turkish lira increased 17 times and for the Kazakh tenge 13 times. The share of the dollar in the spot market has decreased by half.” said.
Denisov stated that the share of the Euro has also increased and pointed to the continuation of trade relations between Russia and Europe as the reason for this.
Denisov said that in 2023, transactions will start in the currencies of Russia’s important trading partners, such as the United Arab Emirates, Azerbaijan and Egypt, on the Moscow Stock Exchange.
While banks and companies move away from the dollar due to sanctions in Russia, the use of currencies of friendly countries, especially the yuan, is becoming more common in trade.
The Central Bank of Russia also reported that efforts were made to purchase Turkish lira, yuan and rupees in order to use it in its reserves.