Abstract:The Moscow Exchange will ban the use of dollars as collateral to underwrite transactions, it said on Monday, as Russia seeks to cut dependence on currencies of nations that have imposed sanctions on it.
A statement posted on the exchanges website said the new policy would come into effect on Aug. 29. It gave no details.
Earlier this month the exchange – the countrys largest bourse – said it would limit the use of dollars as collateral to 25% from 50%.
Russian authorities have voiced concerns about individual and corporate holdings of currencies that it terms “unfriendly”, calling for their conversion into alternatives.
The United States and its allies have imposed several rounds of sanctions, including those targeting the countrys largest lenders and Putin, since Russian forces invaded Ukraine in February.
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Early on Wednesday, the US Dollar compared to its main competitors. The USD Index (DXY) fluctuates within a narrow range below 104.00, having ended the previous four trading days. At 18:00 GMT, the Federal Reserve (Fed) will release the updated Summary of Economic Projections, also known as the "dot plot." Starting at 18:30 GMT, Fed Chairman Jerome Powell will hold a press conference to discuss policy and the economic questions.
The foreign exchange market is an international, decentralized, over-the-counter platform where currencies can be traded. The foreign exchange rates for each currency are set by this market. It covers every facet of purchasing, selling, and converting currencies at established or current rates.