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Russian regulator sold over $80 mln on currency market on Monday to defend ruble

December 31, 2014, 13:44 UTC+3 MOSCOW
The Central Bank of Russia has spent around $90 billion to prop up the ruble since the start of the year
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© ITAR-TASS/Valeriy Matytsin

MOSCOW, December 31. /TASS/. The Central Bank of Russia sold over $80 million on the domestic currency market on Monday to keep the national currency stable, the regulator said in a statement on Wednesday.

The ruble has fallen from about 33 rubles to the dollar at the beginning of the year to close at 55.5 on the last day of this year’s trading on the Moscow Exchange on Tuesday amid falling world oil prices, western sanctions and a faltering economy.

The Central Bank of Russia has spent around $90 billion to prop up the ruble since the start of the year.

The regulator reported that its international reserves had fallen by $15.7 billion in the week of December 13-19 to a five-year low of $398.9 billion.

Russia’s international reserves fell below the $400 billion mark for the first time since August 2009.

During the crisis of 2008-2009, the country’s international reserves were seen to plummet to as low as $376 billion (mid-March 2009).

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