Bank of Russia sells currency worth 8.7 bln rubles ($113.8 mln) to reduce volatility

TASS Russian News Agency | Oct 26, 2020 at 9:02 AM

MOSCOW, October 26. /TASS/. The Bank of Russia sold currency worth 8.7 bln rubles ($113.8 mln) with settlements on October 23 on the domestic market, as part of measures to reduce volatility on the market, the regulator reported on its website.

The volume of currency sold by the Bank of Russia with settlements on October 22 amounted to 8.6 bln rubles ($112.5 mln).

Since March 10, 2020, the Central Bank has been conducting proactive sales of currency as part of the implementation of the budget rule mechanism to increase the predictability of monetary authorities and reduce the volatility of financial markets in the face of significant changes in the global oil market. The volume of sales of foreign currency on the domestic market amounted to almost 1.34 trillion rubles ($17.5 bln) over the period. Such operations will be carried out until the start of regular sales of foreign currency from the reserves of the National Wealth Fund.