Microsoft switches Russian sales to rouble
The world's top software producer, Microsoft, will shift its trade with Russian partners to roubles starting in March to ease currency risks for local clients.
January 19, 2011 / 12:06 IST
The world's top software producer, Microsoft, will shift its trade with Russian partners to roubles starting in March to ease currency risks for local clients.
Russia will become one of the few countries where Microsoft sells its products for local currency as the majority of Microsoft's global trading remains dollar-based.Russia, which wants to position Moscow as one of the world's financial centres by 2020, aims to increase the global role of the rouble.As part of the plan, the MICEX exchange has launched direct currency trading between the rouble and the Chinese yuan in late 2010. "The transition to the local currency signals our confidence in the stability and the potential development of the Russian IT market," Microsoft Russia president Nikolay Pryanishnikov told a conference on Tuesday.The fixed exchange rate will vary from 29 roubles per dollar for retail partners to 33 roubles per dollar for corporate clients, he said. The rouble last traded at 29.9 against the greenback."Earlier, Russian market volatility did not allow us to switch to the rouble but now we are taking on the currency risk, previously laid on our buyers," Pryanishnikov said."We expect this will increase the number of partners and sales volumes in Russia and serve as an example for other companies to launch rouble-based price lists." Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
