Central Bank sells 5.3 bln rubles worth of foreign exchange to curb market volatility

TASS Russian News Agency | Jan 12, 2021 at 10:04 AM

MOSCOW, January 12. /TASS/. The Bank of Russia sold 5.3 bln rubles ($71.3 mln) worth of foreign exchange on the domestic market with settlements on January 11 as part of preventive measures curbing volatility, the regulator reported on Tuesday.

No foreign exchange sale transactions were carried out with settlements on December 31.

The Bank of Russia started preemptive sale of foreign currency on the domestic market as part of implementation of the fiscal rule mechanism on March 10, 2020 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 total amount of forex sold on the domestic market has reached 1.676 trillion rubles ($22.56 bln).

The transactions are planned to be conducted until the start of regular sales of foreign exchange using the funds of the National Wealth Fund, the regulator said earlier.