Russia Allows More African Banks to Participate in Currency Trading in Russia: Russian Government
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Previously, only Russian residents could participate in domestic foreign exchange trading, but their limited ability to supply sufficient liquidity in national currencies restricted transaction volumes and distorted the ruble's exchange rate. This was driven by a surge in demand for other currencies due to Western sanctions.
Moscow has expanded its list of countries whose banks can participate in currency trading in Russia, adding Nigeria, Tunisia and Ethiopia, the Russian government said on Sunday.
"The number of friendly and neutral countries whose credit institutions and brokers will be allowed to trade on the Russian foreign exchange market and the derivatives market, has increased to 40. The order has been signed. Representatives from Argentina, Cambodia, Laos, Mexico, Nigeria, Tunisia and Ethiopia will now be able to engage in currency trading," the statement read.
The order will help to improve the efficiency of the mechanism for direct conversion of national currencies of friendly and neutral states, as well as meet the demand of the Russian economy for payments in national currency, the government specified.
More than 30 countries, including Algeria, Egypt, Morocco and South Africa, were on the initial list approved by the government in September 2023.
