On November 27, the Russian central bank announced it would stop buying foreign currency to ease pressure on financial markets.
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| As the ruble plummeted, the Russian central bank continued selling foreign currency to replenish its sovereign wealth fund. (Source: Reuters) |
Specifically, the bank announced that it has decided not to purchase foreign currency in the domestic market from November 28th until the end of this year in order to reduce volatility in the financial market.
According to LSEG data, during the trading session on November 27th, the Ruble at one point fell by 7.25% to 113.15 Rubles per USD.
This development further fuels inflation, which is currently at around 8% per year.
The Russian central bank estimates that a 10% depreciation of the ruble increases inflation by 0.5 percentage points, meaning that the ruble's decline over the past four months could boost inflation by 1.5 percentage points.
In parallel with the temporary suspension of USD purchases, the authorities will continue to sell foreign currency to replenish the national wealth fund.
Currently, foreign exchange sales transactions are valued at approximately 8.4 billion Rubles (equivalent to $74 million) per day. However, these delayed USD purchases will only resume in 2025, when the financial situation is more stable.
This is not the first time the Russian central bank has used this measure. Last year, it also stopped buying US dollars from August until the end of the year to prevent the ruble from weakening following sanctions related to the conflict in Ukraine.
However, the current situation is somewhat different.
The new US sanctions target Gazprombank, Moscow's third-largest bank and a key player in processing energy export payments.
This restriction not only makes it difficult for foreign currency to flow into the country but also complicates international trade transactions.
Source: https://baoquocte.vn/nga-thong-bao-ngung-mua-ngoai-te-295413.html
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