The Moscow Stock Exchange RTS started trading in gold and oil futures on Thursday. Contrary to earlier statements both contracts are quoted in US dollars. Ural oil for July delivery slipped from $65.20 to $63.84 on the first day of trading. July gold futures eased from $627 to $618.
The Financial Times reported that Russia has further reduced the share of US dollars in its forex reserves to 50%, favoring the Euro instead. Russia's forex reserves climbed 36% to a record $247 billion this year of which it currently holds around $8 billion in gold. Since the beginning of the new millennium Russia's forex reserves have grown 20-fold. Vladimir Putin seems to be keen on getting the dollar to tumble.
Iranian Oil Bourse On Slow Path
The Iranian Oil Bourse is on a slow path towards booting its computers on the Iranian island of Kish. According to Iranian agency reports from last Monday, picked up by UPI,
"the board of directors of the International Bourse Co., which is charged with establishing the bourse, will review the final draft of the articles of association of the Iranian bourse this week.The road to success is a long one, it appears.
The International Bourse Co. was registered last month, with an initial capital of $2,000, and is charged with setting up the Iranian Oil Bourse on Kish Island. The IBC is owned by the National Iranian Oil Co., which has an 80 percent stake, and by with Kish Free Zone Organization and the Mostaz'afan and Janbazan Foundation, each of which hold 10 percent stakes.
Once the IBC finalize the draft, the articles of association will be sent to the body in charge of securities for review.
The bourse will be established in phases; following discussions of the first phase, rules and bylaws involving the establishment, running, equipping and opening of the bourse will be negotiated."