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Russia’s Central Bank to probe market manipulation after reports on capital controls

October 01, 2014, 11:02 UTC+3
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MOSCOW, October 01. /ITAR-TASS/. The Russian Central Bank will launch a probe into market manipulation after reports on capital controls, the regulator’s press office said on Wednesday.

“In order to ensure fair pricing of financial instruments, the Bank of Russia intends to analyze the situation to reveal the signs of market manipulation,” the press office said.

The news agency Bloomberg reported on Tuesday with reference to a source in the Bank of Russia that the regulator was considering restricting the movement of capital.

This report caused panic on the Russian foreign exchange market, prompting large-scale purchases of the US dollar. Meanwhile, the ruble registered a new record low while the value of the bi-currency basket surged beyond the upper limit of the floating band (44.4 rubles), forcing the Central Bank to start foreign exchange interventions.

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