The Moscow Stock Exchange will expand to new currencies
The Moscow Stock Exchange (MOEX) will start trading today with the Uzbek sum, Armenian dram and South African rand. The
The Moscow Stock Exchange (MOEX) will start trading today with the Uzbek sum, Armenian dram and South African rand.
The trading platform said it hopes the move will expand opportunities for professional market participants, including overseas partners. Armenia and Uzbekistan welcomed the move, expressing hope that it will strengthen their respective currencies. As things stand, Armenia and South Africa have remained neutral on the Russian invasion of Ukraine, although Uzbekistan has condemned it.
At the end of March, the MOEX reopened, although subject to heavy restrictions, including bans on transactions with several currencies. Although it did not collapse as expected, it has seen a 38% drop in value since the start of the year. However, the Russian ruble reached its The highest level since 2015, thanks to record oil and gas revenues.
Expect the MOEX to rise in value, although given its exclusion from major trading venues including the Federation of European Securities Exchanges and the London Stock Exchange, it is unlikely to reach the top of the market. last year. Longer term, unless the EU successfully implements a gas ban, expect Russia’s economy to continue to recover from earlier this year, boosted by its spending fund. emergency.
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