27 Dec 2024 13:18

Central Bank of Russia to set exchange rates based on combined data from exchange, OTC segments

MOSCOW. Dec 27 (Interfax) - The Central Bank of Russia is systematizing approaches to the formation of official exchange rates of foreign currencies, and will set them in relation to the ruble based on combined data from exchange and over-the-counter segments of the currency market as of today, the CBR said.

The regulator said that this would increase the representativeness of official rates in the context of the expansion of over-the-counter transactions.

CBR instruction No. 6956-U stipulates the relevant changes.

It also envisages the possibility to calculate exchange rates using a cross rate if trading data for individual currency pairs are unavailable.

The instruction describes all the methods for establishing official rates, including the calculation formulas used. The list of currencies and the method for establishing the rate used for each of them - calculation based on foreign exchange market data or based on cross rates - is posted on the regulator's website.

"The Central Bank of Russia will continue monitoring changes in the structure of the foreign exchange market and, if necessary, will further clarify the mechanism to determine the official rates of foreign currencies against the ruble in order to ensure their representativeness as an indicator of the conditions developing in the foreign exchange market," the Central Bank noted.