27.11.2024 18:51
The Central Bank of Russia announced that it has decided to suspend foreign currency purchases from November 28 until the end of the year due to the depreciation of the ruble. This decision was made to reduce volatility in the financial markets. The bank will continue domestic foreign currency sales transactions.
A written statement from the Central Bank of Russia indicated that the bank has decided to take action regarding fluctuations in the foreign exchange market.
WILL LAST UNTIL THE END OF THE YEAR
Accordingly, it was stated in the announcement that starting from November 28, the bank will halt its foreign currency purchases carried out within the framework of budget rules until the end of the year. The statement included the phrase, "The decision was made to reduce volatility in financial markets." It was also emphasized that the bank will continue its foreign currency sales operations in the domestic market.
RUBLE'S DEPRECIATION AGAINST THE DOLLAR
The announcement mentioned that the postponed foreign currency purchases would be carried out in 2025, and the decision to restart foreign currency purchases in line with budget rules would be made based on developments in financial markets. Today, the ruble has depreciated by more than 8.5% against the dollar, while the dollar/ruble exchange rate had risen to 114.5. Following the decision made by the Central Bank of Russia, the exchange rate gained some value and was trading at 111.8 as of 18:15 TRT.
US SANCTIONS TRIGGERING RUBLE'S DEPRECIATION
Analysts indicate that the recent increase in geopolitical tensions surrounding the Ukraine war, along with the US decision to expand sanctions against Russian banks on November 21, has triggered the depreciation of the ruble.