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Russian Central Bank Resumes FX Purchases To Curb RUB Strength: Vedomosti

CBR

The Bank of Russia has returned to foreign currency purchases to stop the rouble from uncontrolled appreciation, Vedomosti daily reports citing two sources close to the government and one source close to the central bank.

  • "The Bank of Russia acquires exclusively foreign exchange earnings from exporters. At the same time, the regulator conducts purchases not directly, but with the help of other participants in the financial market. The interlocutors of Vedomosti did not name the specific mechanism and players."
  • "There was no demand for the currency comparable to export earnings, therefore, in order to avoid a sharp appreciation of the ruble, and in a short time, the regulator began to carry out “quasi-interventions,” a source close to the government explained."
  • "It is possible that the Central Bank gives orders to banks that are not under sanctions to purchase foreign currency, in exchange providing them with liquidity, says Viktor Tunev, chief analyst at Ingosstrakh Investments."
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