Central Bank sells 13.3 bln rubles worth of foreign exchange to curb market volatility

TASS Russian News Agency | Mar 27, 2020 at 8:13 AM

MOSCOW, March 27. /TASS/. The Bank of Russia has sold 13.3 bln rubles ($171 mln) worth of foreign exchange on the domestic market with settlements on March 26 as part of preventive efforts curbing volatility, the regulator reported Friday.

The amount of foreign exchange sold with settlements on March 25 totaled 13.4 bln rubles ($170 mln). Meanwhile, forex sales with settlements on March 24 reached 13.8 bln rubles ($177.2 mln), the biggest amount since the regulator started forex sales.

The total amount of foreign exchange sold on the domestic market stands at 100.9 bln rubles ($1.2 bln).

The Central Bank started preemptive sale of foreign currency on the domestic market as part of implementation of the fiscal rule mechanism on March 10 in a move to make the actions of monetary authorities more predictable and reduce volatility on the financial markets amid major changes on the global oil market. The transactions will be conducted before the start of regular sales of foreign exchange using the funds of the National Wealth Fund.