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
(Source: https://www.forbes.ru/finansy-i-investicii)

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:

60% of Russian Entrepreneurs can no Longer Cope with Rental Payments
29.04.2020
The Share of E-books in Russia Exceeded 10% of the Entire Segment
02.03.2020
The Share of Small and Medium-sized Businesses in the Economy Decreased
29.01.2020
Elementaree Delivery Service Raises $ 5 Million Investment
08.05.2020
Russia Ranks Third in the World in Terms of Fintech Services Penetration
25.11.2019







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
banned books  ethno village  Icon painters  Moscow  Vorkuta  travel to Russia  Kargopolye  Russian Literature  Russian fashion  Russian business  South Stream  Festivals in Moscow  MSU  Ingeborga Dapkunaite  Vyacheslav Butusov  drug addiction  Pskov Region  Russian religion  banks  Aleksey Kudrin  New Year  Vologda  Kuril Islands  Ivan Yefremov  Mercedes-Benz Fashion Week Russia  St. Petersburg  Oleg Menshikov  Humanitarian Operations  Crystal Glass  real output index  New Films  Yekaterinburg Fifa 2018  ENEA  Eurovision  Russian Theater  Perm Territory  Russian companies  Russian tourism  Russian regions  Ski resorts  Ecological Disaster  Bashkiria  Republic of Tatarstan  Oggi  Russian Composers  Exhibitions in Moscow  Old Moscow  Valery Gergiev  Sochi Olympic Games 2014  Russian Cinema 


Travel Blogs
Top Traveling Sites