The number of transactions with the Kyrgyz som and Tajik somoni at the auctions of the Moscow Exchange turned out to be equal to zero. RBC reports.
It is clarified that not a single transaction was made with KGS/RUB and TJS/RUB at the currency trading of the Moscow Exchange on October 31. This is evidenced by the data of the trading platform. There were no transactions in currency pairs with «today» (som, somoni) and «tomorrow» (som, somoni) settlements. Previously, these currency pairs were not traded in Russia.
«Market participants are finalizing improvements to provide customers with the opportunity to conclude transactions. Against the backdrop of growing trade between our countries, the demand for converting and managing balances in national currencies using exchange-traded instruments will increase,» a representative of the Moscow Exchange said, emphasizing that the platform focuses on client requests when launching new instruments.
Renaissance Capital’s Chief Economist for Russia and the CIS, Sofya Donets, believes that trading in the Kyrgyz som and Tajik somoni will not develop as expected, as they may be hindered by the small size of the economies of Kyrgyzstan and Tajikistan and the main role of Russia in trade relations. She expects that this will lead to the fact that settlements between countries will be made in rubles. The two countries may be also hindered by the fact that investors do not look at the som and somoni as an investment alternative to other currencies.
Earlier, Daniil Korablev, head of sales to non-credit organizations, said that the Moscow Exchange was launching trading in Kyrgyz som and Uzbek sum.
