The shift of interest towards national currencies and their replacement of trading volumes in dollars and euros has become a key trend in the foreign exchange market.
BAKU, Sputnik reports The Moscow Exchange plans to launch trading in the Azerbaijani manat, the UAE dirhams, and the Egyptian pound on the foreign exchange market in 2023, Chairman of the Board of the Moscow Exchange Yuri Denisov told reporters.
“Five new currencies have been launched this year – Armenian dram, South African Rand, Uzbek sum, Kyrgyz som and Tajik somoni. We will continue to add new currency pairs. The plans for 2023 include the launch of trading in the UAE dirham, Azerbaijani manat and Egyptian pound. All these currencies are the major foreign trade partners of Russia,” Denisov said.
He stressed that the shift of interest towards national currencies and their replacement of trading volumes in dollars and euros has become a key trend in the foreign exchange market.
According to the exchange, the share of transactions with friendly currencies in the total volume of spot transactions in November amounted to 34% of the total volume, at the beginning of the year it was less than 0.5%. At the same time, the volume of trading in yuan increased 41 times, lira – 17 times, Belarusian ruble – 110 times, tenge – 13 times. The share of the dollar in the spot market has halved, the share of the euro has slightly increased.
“There are several reasons why the euro has grown: firstly, it is a decline in the dollar; secondly, trade relations with European countries are maintained and provide a fairly large supply and demand from the point of view of this currency,” Denisov said.
