The Russian Central Bank has announced that it has extended the list of foreign currencies the official exchange rate of which is set against the ruble. The list now includes nine more currencies including the Egyptian pound, the UAE dirham, the Thai baht, the Vietnamese dong, the Serbian dinar, the New Zealand dollar, the Georgian lari, the Indonesian rupiah and the Qatari riyal.
This extension means that Russia is now accepting payments in these abovementioned currencies and market sources believe that this may create an opportunity for Russian billet in the Egyptian market.
Following Russia’s invasion of Ukraine, billet purchased from Russia peaked as importers were trying to take advantage of the lower prices. However, later, imports from Russia declined as some countries did not want to bear risks amid the increasing toxicity of Russia as a supplier due to international sanctions.