MOSCOW, September 6. /TASS/. Russia’s Central Bank will consistently sell foreign currency totally worth 150 bln rubles ($1.5 bln) on the forex market in the period from September 14 to 22, the regulator said in a statement.

"The Bank of Russia will temporarily accelerate the previously announced operations to mirror transactions associated with the National Wealth Fund (NWF) money investment in the first half of 2023. From 14 to 22 September 2023, the Bank of Russia will consistently sell foreign currency in the foreign exchange market for a total amount of 150 billion rubles. This means that the daily amount of these operations of the Bank of Russia during the said period will reach 21.4 billion rubles instead of 2.3 billion rubles," the statement reads.

The decision to adjust the daily volume of operations during this period is a response to the upcoming redemption of the Russian Federation Eurobond issue scheduled for September 16, 2023, in the amount of $3 bln, the Central Bank explained.

"According to the established procedure, the Ministry of Finance will make payments to Eurobond holders in rubles. Following the redemption of the bonds, some Eurobond holders may show additional demand for foreign currency. The Bank of Russia’s decision to redistribute foreign currency sales through mirroring transactions related to the NWF funds investment will help satisfy the potential demand for foreign currency and reduce volatility in the foreign exchange market during this period," the regulator said.

The remaining amount of foreign currency sales as part of the mirroring transactions related to the NWF funds investment will be evenly spread between September 25, 2023 and January 31, 2024, the Bank of Russia noted.