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Bank of Russia Decides to Halt FX Buying Until End-2023

RUSSIA

From August 10, 2023, until the end of 2023, the Bank of Russia decided not to purchase foreign currency on the domestic market as part of mirroring the regular operations of the Russian Ministry of Finance related to the implementation of the budget rule. The decision was made in order to reduce the volatility of financial markets.

  • Deferred purchases can be made during 2024 and beyond.
  • At the same time, Bank of Russia will continue to carry out transactions on the domestic market for the sale of foreign currency related to the use of funds from the National Wealth Fund for their placement in permitted financial assets in the first half of 2023, in the amount of 2.3 billion rubles per day.
  • See full release here: https://www.cbr.ru/press/event/?id=16995

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