Economic news

Moscow Exchange to reduce use of dollars as collateral

2022.08.08 19:45

Moscow Exchange to reduce use of dollars as collateral
FILE PHOTO: A board with the logo is on display outside the office of the Moscow Exchange in the capital city of Moscow, Russia March 24, 2022. REUTERS/Maxim Shemetov

(This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine)

MOSCOW (Reuters) – The Moscow Exchange will cut the maximum amount of dollars it will accept as collateral to underwrite transactions, it said on Monday, as Russia is seeks to reduce its dependence on currencies of countries that have imposed sanctions on it.

Russian authorities have voiced concerns about individual and corporate holdings of dollars and other currencies that it terms “unfriendly”, calling for their conversion into alternatives.

The Moscow Exchange – the country’s largest bourse – said it will from Aug 15 halve the proportion of dollars in the collateral that users of its platform provide to carry out transactions to 25% from 50%.

De-dollarisation in Russia has gained pace since Western countries imposed unprecedented sanctions after Russia sent tens of thousands of troops into Ukraine on Feb. 24. The sanctions have impaired Moscow’s access to international economic and global trading systems.

The central bank said on Monday it planned to differentiate the cost of foreign currency loans for legal entities and their investments in debt securities depending on whether they were denominated in currencies of friendly or unfriendly countries.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,603.52 1.50%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,885.88 7.90%
tether
Tether (USDT) $ 1.00 0.10%
solana
Solana (SOL) $ 197.05 5.10%
bnb
BNB (BNB) $ 601.03 2.15%
usd-coin
USDC (USDC) $ 1.00 0.00%
xrp
XRP (XRP) $ 0.555493 3.61%
dogecoin
Dogecoin (DOGE) $ 0.193975 0.19%
staked-ether
Lido Staked Ether (STETH) $ 2,882.49 7.75%
cardano
Cardano (ADA) $ 0.393483 9.85%
tron
TRON (TRX) $ 0.160627 1.99%
the-open-network
Toncoin (TON) $ 4.93 4.16%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,407.16 7.90%
avalanche-2
Avalanche (AVAX) $ 27.59 3.96%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,342.45 1.36%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.36%
weth
WETH (WETH) $ 2,881.18 7.68%
chainlink
Chainlink (LINK) $ 12.57 5.27%
bitcoin-cash
Bitcoin Cash (BCH) $ 384.25 3.12%
sui
Sui (SUI) $ 2.36 3.42%
polkadot
Polkadot (DOT) $ 4.15 1.36%
leo-token
LEO Token (LEO) $ 6.26 0.10%
usds
USDS (USDS) $ 1.00 0.15%
uniswap
Uniswap (UNI) $ 9.08 1.64%
litecoin
Litecoin (LTC) $ 71.93 2.85%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,027.27 7.50%
near
NEAR Protocol (NEAR) $ 4.24 2.30%
aptos
Aptos (APT) $ 9.80 4.84%
pepe
Pepe (PEPE) $ 0.000011 10.81%
bittensor
Bittensor (TAO) $ 513.44 1.53%
internet-computer
Internet Computer (ICP) $ 7.78 1.09%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 0.93%
dai
Dai (DAI) $ 1.00 0.11%
monero
Monero (XMR) $ 166.86 1.89%
stellar
Stellar (XLM) $ 0.100876 4.45%
ethereum-classic
Ethereum Classic (ETC) $ 20.11 4.43%
kaspa
Kaspa (KAS) $ 0.118265 0.06%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
whitebit
WhiteBIT Coin (WBT) $ 19.49 0.69%
aave
Aave (AAVE) $ 185.83 8.87%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.345609 4.49%
blockstack
Stacks (STX) $ 1.68 0.31%
crypto-com-chain
Cronos (CRO) $ 0.092253 8.66%
okb
OKB (OKB) $ 40.35 3.06%
dogwifcoin
dogwifhat (WIF) $ 2.39 0.59%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.05%
arbitrum
Arbitrum (ARB) $ 0.581807 9.27%
mantle
Mantle (MNT) $ 0.679033 14.58%
filecoin
Filecoin (FIL) $ 3.76 3.20%