Russian Central Bank supports ruble collapse in oil prices

The Bank of Russia takes new steps to stabilize financial markets.

Центробанк России поддерживат рубль в условиях обвала цен на нефть

About it reports a press-service financial institution.

So, since March 10, the Bank of Russia begins proactive selling of currency.

“The Bank of Russia took a decision to begin March 10, 2020 proactive selling of foreign currency in the domestic market in the framework of the mechanism of budget rules, taking into account actual prevailing prices of oil and its impact on the operations of the national welfare Fund (NWF) in April,” — said in a statement.

In addition, the Bank said that “the Bank of Russia considers the current level of liquidity of the Russian banking sector is sufficient for the sustainable functioning of the Russian financial system”.

“However, taking into consideration what happened on Monday fluctuations in exchange rates and prices of financial assets, the Bank of Russia deemed it appropriate to spend today, March 10, 2020, auction, repo fine-tuning in the amount of 500 billion rubles,” — said findcriteria.

The Bank of Russia increased the limit on operations “a currency swap” to provide a U.S. deadline of “today” up to 5 billion US dollars.