Moscow exchange may discontinue trading in the dollar

The Moscow Exchange may stop converting the dollar/ruble pair, which means selling the division that provides this conversion, Chairman of the Supervisory Board of the Moscow Exchange Sergei Shvetsov said, quoted by TASS.

Sergey Guneev / RIA Novosti

This may happen if Russia’s trade relations cease to be dollar-based; the dollar/ruble pair will be maintained as long as the Russian economy needs its conversion, Sergei Shvetsov explained.

He stressed that there is a “fading trend” in foreign trade operations using the dollar.

“The Moscow Exchange abandoning the conversion of the dollar does not mean a ban on the circulation of the dollar. The so-called de-dollarization began a long time ago, but the trend can intensify in 2022,” economist Dmitry Afanasyev says. “Russia is shifting towards using national currencies in trading with its partners. There is growing interest in the Chinese yuan, which can partially replace the dollar.”

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