Sberbank has started selling and buying cash dirhams of the United Arab Emirates (UAE) and is considering non-cash transactions with this currency, the bank said.
This is a pilot project aimed at estimating the potential demand, the bank said. Cash dirhams are currently available at five Sberbank offices in Moscow. Should the demand prove high, Sberbank will increase the number of offices selling dirhams.
"On one hand, the UAE is a popular destination for Russian tourists. On the other hand, business relations with this country are actively developing. It is also possible to invest in dirhams, which is a currency similar to the U.S. dollar by exchange rate dynamics," Sberbank's Borrow and Save Division Director Sergei Shirokov said.
"So, I believe our new service will be popular and the number of offices working with this currency will be increasing alongside the growing demand. We are also considering the possibility of non-cash transactions with dirhams," he added.
