Turkmenistan has entered the list of countries whose banks can participate in currency trading in the Russian Federation21.09.2023 | 22:24 |
The Government of the Russian Federation has approved a list of more than 30 "friendly and neutral countries, banks and brokers from which will be allowed to trade on the Russian foreign exchange market, as well as on the market of derivative financial instruments." The order was signed by Prime Minister Mikhail Mishustin, TASS reports with reference to the website of the Cabinet of Ministers of the Russian Federation.
As follows from the materials of the government, the list includes Azerbaijan, Algeria, Armenia, Bangladesh, Bahrain, Belarus, Brazil, Venezuela, Vietnam, Egypt, India, Indonesia, Iran, Kazakhstan, Qatar, Kyrgyzstan, China, Cuba, Malaysia, Morocco, Mongolia, UAE, Oman, Pakistan, Saudi Arabia, Serbia, Tajikistan, Thailand, Turkmenistan, Turkey, Uzbekistan and the Republic of South Africa.
This list was approved as part of the implementation of the new norms of the federal law "On Organized Auctions", adopted in July 2023. As indicated in the government, these norms are aimed at improving the efficiency of the mechanism of direct conversion of national currencies of friendly and neutral countries and the formation of direct quotations to the ruble to meet the demand of the Russian economy for settlements in the national currency, commented on the creation of the list in the Russian government.
Prior to the adoption of these amendments, only Russian residents could participate in currency trading, most of whom did not have the opportunity to supply liquidity in national currencies in the required volumes. As the authors of the initiative to supplement the law with new norms noted, the previous situation restrained the growth of transactions and distorted the determination of the market exchange rate of the ruble against foreign currencies against the background of an increase in demand for transactions in tenge, yuan, lira, som, dirhams, rupees and other currencies since February 2022.
The accompanying materials also noted that the amendments will contribute to an increase in the number of settlements of Russian participants in foreign economic activity in national currencies and a decrease in the share of US dollars and euros in such calculations.