Vedomosti: Moscow exchange had problems with the launch of trading in the dirham/ruble currency pair
The Moscow Exchange cannot yet launch trading in the dirham/ruble pair due to unforeseen problems with the counterparty and the tough position of the United Arab Emirates (UAE). About this with reference to four interlocutors in brokers from the top 20 and one in a large management company write “Vedomosti”.
One of the sources of the publication says that the plans remain to launch trading within two to three months, but others indicate that a solution to the difficulties has not yet been found. The bank, through which it was supposed to carry out transactions, lost its license and began to close the division – the UAE regulator explained its decision with sanctions risks.
Dirham for Russian investors could become an analogue of the US dollar, to the rate of which it is rigidly pegged. This circumstance automatically makes it less vulnerable to rate fluctuations. It is also devoid of the danger of devaluation and is a freely convertible currency – both advantages are not, for example, the yuan.
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Investment Director of Loko Invest Dmitry Polevoy suggested that the dirham would be interesting as a transit currency for the withdrawal of capital from Russia. However, he added that the trade turnover between Russia and the UAE is too low, which could act as an obstacle to the popularity of the currency. In this sense, the dollar, euro and yuan are still more relevant.
Some Russian banks provide services for the transfer and exchange of dirhams, but the commission is quite high, and there are also restrictions on the amount of the transfer from above and below.
Earlier it was reported that since April, the Moscow Exchange began trading in futures contracts for pairs of the Russian ruble with the dirham and the Indian rupee. Such instruments allow you to insure the risk of a significant change in exchange rates. At the same time, analysts point out that instead of a pair of the ruble and dirham, you can invest in the ruble/dollar pair in the same way, and the rupee itself is an unstable currency.
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