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Bank of Russia suspends currency buying due to market volatility

The decision to resume foreign currency purchases will be taken subject to the actual situation on financial markets

Bank of Russia Artyom Korotayev/TASS

Bank of Russia

© Artyom Korotayev/TASS

MOSCOW, January 24. /TASS/. The Bank of Russia made the decision not to purchase foreign currency on the domestic part within the fiscal rule mechanism implementation framework, the regulator said on Monday.

"The Bank of Russia decided not to buy foreign currency on the domestic market within the framework of fiscal rule mechanism implementation from 15.00 pm Moscow time of January 24, 2022. This decision was made for purposes of increasing predictability in actions of monetary authorities and reduction of financial markets volatility," the Central Bank said.

The decision to resume foreign currency purchases will be taken subject to the actual situation on financial markets, the regulator added.

Under the fiscal rule, the Ministry of Finance purchases foreign currency monthly using extra oil sales income above certain level and then allocates such currency to reserves. The Bank of Russia acts the Ministry’s agent for open market purchases. The regulator purchases currency when the crude oil price is above the cutoff level ($44.2 a barrel in 2022) and sales currency if the price drops below this mark.

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