April 22, 2024 07:34 GMT
OTC Forex Trading Growing Rapidly in 2024
RUSSIA
- Citing central bank data, Kommersant report that over-the-counter forex trading is growing rapidly in Russia amid constantly expanding sanctions. Trading in dollars, euros and yuan nearly doubled year-on-year to RUB 12.5trln during the first period of 2024. On the OTC market, the yuan still lags behind the dollar but trading in the Chinese currency has more than tripled. According to market insiders who spoke to the newspaper, the risk of secondary sanctions is pushing liquidity to the less transparent OTC market.
- Russia's National Financial Market Council has drawn attention to the tax implications for mortgage borrowers, where the current combination of the high key rate and subsidized mortgage programs sets the stage for such borrowers to receive financial gains that could incur a substantial tax, Kommersant report.
- No change to the CBR’s key rate of 16% is expected when the central bank meet on Friday, however, some analysts are anticipating officials to provide firmer guidance on when the first rate cut will be made.
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