20 Dec 2024 19:15

Central Bank of Russia to unveil details of 2025 currency operations next week

MOSCOW. Dec 20 (Interfax) - The Central Bank of Russia will announce the parameters of currency transactions in 2025 in the last week of this year, Central Bank Governor Elvira Nabiullina said.

"We have a floating exchange rate, we do not have the goal of maintaining it at a certain level. From this point of view, we carry out currency interventions. And the suspension of currency purchases in terms of the fiscal rule is in a sense also currency interventions if there are risks to financial stability, which have I spoken about. Right now we do not see such risks, but even so we will unveil how the mirroring operations will be carried out, all the parameters for 2025 next week," she said.

The Central Bank has been conducting operations on the domestic currency market to replenish and utilize the National Wealth Fund since January 9, 2024.

The Central Bank has decided not to purchase foreign currency on the domestic currency market to mirror the regular operations of the Finance Ministry under the fiscal rule from November 28 until the end of 2024. The CBR continues to sell currency for replenishing and utilizing the National Wealth Fund at 8.4 billion rubles per day.

The CBR plans to effect the deferred currency purchases during 2025. If it resumes mirroring currency purchases under the fiscal rule at the beginning of 2025, then daily sales volume from January 1 to January 14 will be 3 billion rubles, going by the Finance Ministry's announced purchases at 5.4 billion rubles per day from December 6 to January 14.