Bank of Russia Won’t Buy Foreign Currency on Home Market till End of Year

17 September 2018 (09:50)

UrBC, Moscow, September 17, 2018. The Bank of Russia does not intend to purchase any foreign currency on the home market until the end of the year as a way of enforcing the budgetary rules. The decision was taken in order to make the authorities’ monetary policy more predictable and thus reduce the financial markets’ volatility, the bank reports.

‘The plans to resume buying foreign currency on the internal market on a regular basis once again will have to be made based on the actual financial market situation at the time. The decision to make up for the currency not purchased this year will have to be made after the regular buying policy is back in place. All the make-up purchases might take place throughout the year 2019 and in the following years,’ the bank’s website states.

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