The Moscow Stock Exchange will start trading the Uzbek som/Russian ruble (UZS/RUB) currency pair on September 12, the exchange announced.
The currency pair will be traded in the spot market with settlements today and tomorrow. Trading participants and their clients will also have access to overnight swaps.
The new currency pair will broaden trading options for market professionals and their retail and corporate clients, including foreign trade firms, and further promote domestic currency settlements among businesses in both countries, the exchange said.
The move comes as Russia and Central Asian states seek to reduce their dependence on the US dollar and the euro. The Uzbekistan Som came about thanks to Uzbekistan’s trade agreements with the European Union and the United Kingdom, giving the currency new access to currencies, as well as the euro and the pound sterling. Russian-Uzbek trade has also increased with Uzbekistan’s foreign trade seeing significant increases.
It is also considered a safe haven for Russian capital flight, as evidenced by its sharp increase in value in March. It has now retained the previous stability.
Current exchange rates give 1 ruble at 179.25 som.
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