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Current Trends in the Development of Financial Infrastructure and Transformation of the Foreign Exchange Market in Russia

Author

Listed:
  • Victoria Yu. Mishina

    (Institute of Economic Forecasting of the Russian Academy of Sciences, Moscow, Russian Federation)

  • Lyubov I. Khomyakova

    (Financial University under the Government of the Russian Federation, Moscow, Russian Federation)

Abstract

The article analyzes the main changes in the Russian currency market in the context of modern realities — unprecedented geopolitical pressure, changes in the financial, currency and payment landscape under the influence of sanctions. The purpose of the article is to study the directions of ruble settlements, financial integration and trade in currencies of friendly countries in response to structural changes in the Russian currency market. A significant decrease in the share of the dollar in international payments, reserves and transactions in the foreign exchange market is noted. Much attention is paid to the current trends of dedollarization and diversification of financial markets, which the exchange infrastructure has developed under the influence of difficult external conditions. The authors conducted a study to answer the debatable question of whether the rise in popularity of national currencies was natural or accidental. They support their conclusions with historical statistical data on transactions in the foreign exchange market.

Suggested Citation

  • Victoria Yu. Mishina & Lyubov I. Khomyakova, 2024. "Current Trends in the Development of Financial Infrastructure and Transformation of the Foreign Exchange Market in Russia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 8-23, August.
    • Handle: RePEc:fru:finjrn:240401:p:8-23
    DOI: 10.31107/2075-1990-2024-4-8-23
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    References listed on IDEAS

    as
    1. V. Yu. Mishina & L. I. Khomyakova, 2023. "Structural Transformation of the Russian Foreign Exchange Market: Dedollarization, Decentralization, Delocalization," Studies on Russian Economic Development, Springer, vol. 34(3), pages 372-380, June.
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      More about this item

      Keywords

      foreign exchange market; currency market; conversion operations; settlements; ruble; integration; friendly countries;
      All these keywords.

      JEL classification:

      • F02 - International Economics - - General - - - International Economic Order and Integration
      • F31 - International Economics - - International Finance - - - Foreign Exchange
      • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
      • G20 - Financial Economics - - Financial Institutions and Services - - - General

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