The CBR is ready to change the daily volume of currency purchases in the market due to the volatility of the ruble
The Central Bank of the Russian Federation is ready to adjust the daily purchases of currency in the market, carried out in the framework of the budget rule, due to the increased volatility of the ruble, but then promises to intervene in full, follows from the message of the regulator.
The Russian currency was under strong pressure this week. On Friday, the ruble continued to decline, reaching 67.12 for $1 for the first time since the end of July 2016.
The CBR described the increased volatility of the ruble in recent days as a natural reaction to reports of new potential sanctions amid changes in global financial markets. Taking into account the experience of previous sanctions, it can be assumed that the reaction of the foreign exchange market is temporary, the regulator summarizes, adding that the ruble is still supported by significant sales of export foreign exchange earnings.
The Central Bank buys currency for the Ministry of Finance for 16.7 billion rubles a day in August, but with high volatility, the regulator can suspend such operations – in particular, it did so after the introduction of us sanctions in April this year.