In the written statement made by the Central Bank of Russia, it was stated that the bank decided to take steps regarding the fluctuations in the foreign exchange market.
Accordingly, the statement stated that the bank will stop its foreign exchange purchases within the framework of budget rules, starting from November 28 until the end of the year, and said, “The decision was taken in order to reduce the volatility in the financial markets.” The statement was included.
In the statement, it was noted that the bank will continue foreign exchange sales transactions in the domestic market.
In the statement, which included the information that the postponed foreign exchange purchases will be carried out in 2025, it was stated that the decision to restart foreign exchange purchases in line with the budget rules will be taken in line with the developments in the financial markets.
While the ruble lost more than 8.5 percent of its value against the dollar today, the dollar/ruble parity rose to 114.5. Following the decision taken by the Central Bank of Russia, the parity gained some value and is traded at 111.8 as of 18.15 CET.
Analysts state that the recent increasing geopolitical tension around the Ukrainian war, as well as the US decision to expand sanctions against Russian banks on November 21, triggered the depreciation of the ruble.
Source: www.dunya.com
