Russia’s Central Bank Steps Up To Support Ruble

 
14.05.2020
Russia’s Central Bank Steps Up To Support Ruble

Russia’s Central Bank has swept in to help support the Russian ruble and push the currency up from its four-year low against the U.S. dollar.

The bank started selling foreign currency reserves — in other words, buying rubles — Tuesday, adding that it was “ready to use additional tools to maintain financial stability.”

The ruble was up almost 4%, trading at 72 to $1, but still noticeably weaker than the 60-65 range which the currency held at during the first two months of the year.

With benchmark Brent crude oil currently priced around $35 per barrel, the regulator will sell around $1 billion of foreign reserves a month, Elina Ribakova, deputy chief economist of the Institute of International Finance calculated.

www.themoscowtimes.com

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