Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

The Central Bank Announced a New Mechanism to Combat Volatility in the Foreign Exchange Market
19.03.2020 22:25
The Central Bank Announced a New Mechanism to Combat Volatility in the Foreign Exchange Market

The Central Bank announced a new mechanism to combat volatility in the foreign exchange market - it will sell the currency from the NWF intended for the purchase of a controlling stake in Sberbank. After a statement in the first hour of trading on the Moscow Exchange, the dollar depreciated by more than a ruble.

      After the black Wednesday for the ruble, the Central Bank announced new measures to support the Russian market: on Thursday, the regulator began selling foreign currency from the National Wealth Fund as part of a deal to sell a controlling stake in Sberbank to the government. That is, the regulator will sell the NWF currency at the request of the Ministry of Finance so that the ministry later pays in rubles for Sberbank.

      “Additional sales of the Bank of Russia are calculated on the basis of full reimbursement of the falling supply of currency in the domestic foreign exchange market due to a decrease in export earnings from the sale of oil, oil products and natural gas when prices drop below $ 25 per barrel of the Urals brand,” the regulator said in a statement.

      Daily sales amounts will vary and depend on the deviation of the price of Urals crude below $ 25 per barrel. If this level is exceeded, operations will not be performed. The regulator will do this until September 30, 2020. And the sale mechanism after this date will be announced additionally.

      In parallel, the regulator will continue to sell the currency within the framework of the existing budget rule - with the price lowering below $ 42.4 per barrel.

Author: Anna Dorozhkina

Tags: Central bank     

Next Previous

You might also find interesting:

Sberbank Took the Sixth Place among the Largest World Companies in Creating Value for Shareholders
The ED2 Accelerator has Launched the Fifth Enrolment of EdTech Startups
Russia Fell to the 50th Place in the Ranking of the Best Places to Do Business
Cainiao Launches Free Shipping to Russia for Inexpensive Goods from AliExpress
Acceptance of Applications for Moscow Business Subsidies Resumed

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Exhibitions in Moscow  Festivals in Moscow  Installations  travel to Russia  Active Travel  Muzeon Park  Moscow hotels  Russian regions  Multimedia  Peterhof  Accounts Chamber   Semyon Dezhnyov  Sakha Republic  Voronezh Architecture  Skype in Russia  criminality  GDP  Perm Territory  Ufa  Daytime Asteroids Detection System  Ilya Chashnik  Pobeda  Russian Cinema  Lipetsk   Moscow  Russian business  Serbia  Russian economy  Tragedy  Graphic Art  Darwin Museum  Astronautics Museum in Moscow  mode of life  public transportation  New Year celebrations  Chukotka  Ukraine  space  St. Petersburg  Russian Orthodox Chruch  Judaica  CCAMLR  Rosselkhoznadzor  Arc Electronic  Mercedes-Benz Fashion Week Russia  Russian tourism  Russian Film Directors  State Duma  Metro Group  Olympic mountain village  

Travel Blogs
Top Traveling Sites