Russia has expanded the list of countries eligible for currency trading in Moscow to 40, adding Nigeria, Tunisia, and Ethiopia to its roster. The move, confirmed by Russian officials in an official statement, allows credit institutions and brokers from these nations—as well as those from Argentina, Cambodia, Laos, and Mexico—to trade on the Russian foreign exchange and derivatives markets. This directive aims to bolster the Russian economy by increasing payments in its national currency and improving the direct conversion system among friendly and neutral governments. Originally, domestic trading in Russia was restricted to local entities. However, this limited liquidity and affected the ruble’s exchange rate, especially after Western sanctions led to rising demand for other currencies. Consequently, Moscow began opening up its currency trading sector to other countries.
Source: BUSINESS INSIDER AFRICA
