Moscow Exchange to start trading Turkish Lira, Japanese yen in 2018

Moscow Exchange to start trading Turkish Lira, Japanese yen in 2018

MOSCOW-Reuters
Moscow Exchange to start trading Turkish Lira, Japanese yen in 2018

The Moscow Exchange plans to start trading the Japanese yen and the Turkish Lira against the Russian ruble next year, the head of currency market development at the exchange said on Oct. 6.

The Moscow Exchange is gradually expanding a list of currencies it trades, in line with the Kremlin’s ambitions to increase the ruble’s role on the global market.

Dmitry Piskulov told Reuters the exchange will offer the yen-ruble pair in early 2018. The lira-ruble pair will be available in mid-2018, he said.

Piskulov said the decision to start trading the Turkish currency was driven by “political process” and market demand as Turkey and Russia are trading partners.

“This is the de-dollarization of foreign trade and international economic relations,” Piskulov said.
The exchange, previously known as Micex-RTS, now trades the Russian ruble against the dollar, the euro, the British pound, the Swiss franc, the on-shore and off-shore Chinese yuan, the Belarussian ruble and the Kazakh tenge.

The Moscow Exchange, which also trades the euro/dollar pair, suspended trading in the ruble against the Ukrainian hryvnia in August due to poor demand as relations Moscow and Kiev worsened.

Piskulov said that in the future the Moscow Exchange would consider trading Vietnamese dong for rubles, adding that there were some restrictions for the instrument because of Vietnamese currency regulation.

Moscow, liras, japanese yen