The Bank of Russia announced that from November 28 until the end of the year it will not buy foreign currency in the domestic market.
The Central Bank of Russia will stop buying foreign currency in the domestic foreign exchange market from November 28 until the end of 2024. This was reported by The Moscow Times on Wednesday, November 27.
The decision was made “to reduce the volatility of financial markets” and was carried out “as part of reflecting the regular operations of the Russian Ministry of Finance related to the implementation of the budget rule.”
Before this, taking into account purchases, the Russian Central Bank sold foreign currency for 4.3 billion rubles ($43 million) per day.
At the same time, the Central Bank of the Russian Federation will continue operations for the sale of foreign currency as part of the replenishment and use of funds from the National Welfare Fund.
The regulator will make a decision on the resumption of transactions in the domestic foreign exchange market “taking into account the situation that will develop in the financial markets.”
“The deferred purchases will be carried out during 2025,” the Bank of Russia announced.
The official euro exchange rate set by the Central Bank of the Russian Federation on November 28 is 113.0947 rubles, the dollar exchange rate is 108.0104 rubles.
We remind you that the Russian ruble has fallen by more than 24% since the beginning of August, when its collapse began. New US sanctions against Russian banks led to further falls in the ruble.
Source: korrespondent
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