Moscow Exchange To Start Russian Ruble / Uzbeki Som Trading
The Moscow Exchange will begin trading the currency pair Uzbek Som/Russian Ruble (UZS/RUB) on September 12, the exchange has said.
The currency pair will be traded on the spot market with today and tomorrow settlements. Trading participants and their clients will also have access to overnight swaps.
The new currency pair will expand trading options for market professionals and their retail and corporate clients, including foreign trade companies, and will further promote settlements in national currencies among businesses in both countries, the exchange said.
The move comes as Russia and Central Asian states seek to reduce dependency on the US Dollar and Euro. The Uzbekistan Som has been performing on the back of Uzbeki trade agreements with the European Union and United Kingdom, providing the currency with new foreign exchange access together with Euros and British Pounds. Russian-Uzbek trade has also been increasing with Uzbekistan’s foreign trade has been undergoing significant rises.
It is also seen as a haven for Russian capital flight as can be seen from its sharp value increase in March. It has now retained earlier stability.
Current exchange rates give 1 Ruble to 179.25 Som.
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