Russia’s Central Bank will refrain from purchasing foreign currency on the domestic market from November 28 through the end of 2024. According to the bank’s press release, this decision was made “to reduce financial market volatility” and is being implemented “in alignment with the Russian Finance Ministry’s regular operations” under fiscal tightening measures.
At the same time, the Central Bank will continue to sell foreign currency as part of replenishing and utilizing funds from the National Wealth Fund.
The decision to resume operations on the domestic currency market will be made by the regulator “based on the prevailing situation in financial markets.” “Deferred purchases will be carried out in 2025,” the Central Bank stated.