Russia suspends the purchase of foreign currency to counter market fluctuations

[yota691]

Russia suspends the purchase of foreign currency to counter market fluctuations

 23 August 2018 02:51 PM
Direct : The Central Bank of Russia announced the suspension of the purchase of foreign exchange operations until the end of September; in an attempt to reduce the volatility of financial markets.

The bank's decision came on Thursday after the ruble hit a two-year low against the US dollar.

"It has enough tools to avoid threats to financial stability," the central bank said in a statement, adding that it would decide whether or not to resume foreign currency purchases after reviewing the situation in financial markets in September.

The ruble's collapse comes as US sanctions against Moscow begin on Monday, along with new sanctions against companies, six ships and two individuals in Russia.

The Russian Central Bank is buying foreign currencies from the good market and the Ministry of Finance; to support the cash reserve.

By 1135 GMT, the ruble was up against the dollar by 0.2 percent to 67.8498 rubles.

 

 

 

[bostonangler]

Russia and China are moving away from the dollar... That can't be a good thing for anyone.

 

B/A