9 Mar 2020 09:49

Russian Central Bank suspends purchase of foreign currency for 30 days due to market volatility

MOSCOW. March 9 (Interfax) - The Russian Central Bank has suspended the purchase of foreign currency on the domestic market within the framework of the budget rule mechanism for 30 days, the regulator said in a statement.

The decision applies to current operations and operations suspended in 2018.

"The decision aims to higher predictability of the activity of the monetary authorities and lower volatility of financial markets amid substantial changes on the global oil market," the Central Bank said.

The regulator will make a decision regarding the resumption of foreign currency operations with due account of the actual situation on global markets in March 2020.

"The Central Bank is monitoring the situation on the financial market and is ready to use additional instruments for the sake of financial stability," the regulator said.