DUSHANBE, May 20, 2011, Asia-Plus — The Moscow Interbank Currency Exchange (MICEX) is ready to organize auctions for national currencies of member nations of the Eurasian Economic Community (EAEC).
According to RosInvest.com, Russian Vice-Premier and Finance Minister Aleksey Kudrin remarked this at a session of the EAEC Intestate Committee in Minsk, Belarus on May 19.
Kudrin reportedly noted that under bilateral inter-agency agreements on information services, national banks of Belarus, Kyrgyzstan and Tajikistan informed commercial banks in those countries of the possibility of participation in direct quotation of national currencies through the MICEX sections. Preparation of a similar agreement with Kazakhstan is at the concluding stage, Russian official was quoted as saying.
The Moscow Interbank Currency Exchange or MICEX is one of the largest universal stock exchanges in the Russian Federation and East Europe. Opened in 1992, MICEX is the leading Russian stock exchange, there are about 239 Russian companies listed and a market capitalization of US$950 billion as of December 2010. MICEX consists of about 550 participating organizations and members, which do trading for their clients.
MICEX started with currency auctions in November 1989 as an initiative by the Foreign Trade and Investment Bank of the USSR. Thus, for the first time the market ruble exchange rate to dollar was established. In January 1992 it became the main platform for carrying out currency transactions for banks and enterprises. Since July 1992 the rate in the Moscow Interbank Stock Exchange has been used by the Central Bank for the official quotation of ruble to foreign currencies.
