An account in the national currency of the UAE has been opened with Eximbank of Russia
Eximbank of RussiaJSC, part of the REC Group, has opened a Nostro correspondent account in UAE dirhams (AED) with Mashreq Bank PSC (UAE, Dubai), one of the largest banks in the UAE.
“The development of settlements in national currencies and the creation of an appropriate infrastructure is an important area in the Bank’s activities, which makes it possible to successfully implement support measures to expand the options for Russian exporters. Settlements in national currencies will not only create additional demand for goods and services of Russian exporters by accelerating settlements but will also minimize the risks of nonpayment under foreign trade contracts by eliminating the impact of exchange rates fluctuations", Tatiana Sakharova, Deputy Chairman of the Management Board of Eximbank of RussiaJSC.
At the same time, taking into account the wide coverage of Mashreq Bank PSC, the Bank also plans to develop guarantee instruments, covering the emerging needs of exporters for direct guarantees in favor of final beneficiaries in the countries of Mashreq Bank PSC presence against counter-guarantees of Eximbank of RussiaJSC.
Mashreq Bank PSC is the oldest private bank in the UAE, founded in 1967. The bank ranks 5thin the country in terms of assets. It is the clearing bank for payments in UAE dirhams (AED). The bank’s offices are located in many financial centers of the world such as the UK, the USA, Hong Kong, India, Bahrain, Egypt, Kuwait, Nepal, Qatar, Bangladesh, Pakistan. Mashreq Bank PSC has a widespread network with 44 branches in the UAE and 20 branches/rep offices in Asia, Europe and the USA.EximbankofRussiaJSC is part of the REC Group, which, in turn, is part of VEB.RF. REC and VEB.RF are actively involved in achieving the goals of the "International Cooperation and Export" national project, according to which the volume of NRE export must grow by 70% in monetary terms by 2030.