Russia Allows Algerian Banks To Trade Algerian Dinar In Its Financial Markets

The Russian Government announced on its website the adoption of a list of 31 friendly and neutral countries, including Algeria, whose banks will be allowed to trade on the foreign exchange market in Russia.

The list includes 8 Arab countries, including Algeria. In addition to Asian and African countries such as China, Indonesia, Pakistan and South Africa, European countries such as Serbia and Turkey, and American countries such as Brazil and Venezuela.

According to the local Sputnik news agency, the country’s laws allowed only Russian citizens to trade in foreign currencies. This limited the availability of liquidity in these currencies.

The new rules are aimed at increasing the efficiency of direct conversion of the currencies of friendly and neutral countries into the Russian ruble so as to meet the demand of the Russian economy for payments in these currencies, the source added.

List of countries whose banks are allowed to trade in foreign exchange markets in Russia

Algeria, Azerbaijan, Armenia, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Bangladesh, Bahrain, Brazil, Venezuela, Vietnam, Egypt, India, Indonesia, Iran, Qatar, China, Cuba, Malaysia, Morocco, Mongolia, UAE, Oman, Pakistan, Saudi Arabia, Serbia, Thailand, Turkey, South Africa.