Ruble will keep its market-based exchange rate — Bank of Russia
The Central Bank also emphasized that currency exchange trading is not a necessary condition for the convertibility of the national currency, the free circulation of foreign currency, and the formation of market exchange rates.
The Bank of Russia will calculate the official ruble exchange rate on the over-the-counter (OTC) market, the rate will remain uniform and market-based, the press service of the Bank of Russia told reporters.
"The Bank of Russia will determine the official ruble exchange rate on the over-the-counter market. The rate will remain uniform and market-based, but the range of data used to calculate it will shift. It should be noted that both the international and domestic currency markets of most countries in the world are over-the-counter," the press service said.
The Central Bank also emphasized that currency exchange trading is not a necessary condition for the convertibility of the national currency, the free circulation of foreign currency, and the formation of market exchange rates.
The regulator added that the sanctions against the Moscow Exchange do not affect the volume of foreign currency received from exports or the demand for it to pay for imports. "The sanctions imposed on the Moscow Exchange only alter the structure of trade on the domestic foreign exchange market, they have no effect on the volume of foreign exchange earnings from exports or the demand for them to pay for imports. As a result, the foreign exchange market balance has remained relatively stable (unlike in 2022 and 2023, when both exports and imports varied dramatically)," the regulator said.
The US introduced sanctions yesterday against the Moscow Exchange, the National Settlement Depository and the National Clearing Center. The Moscow Exchange said that it would not trade in the dollar, the euro, and the Hong Kong dollar since June 13 due to sanctions.
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The Bank of Russia will calculate the official ruble exchange rate on the over-the-counter (OTC) market, the rate will remain uniform and market-based, the press service of the Bank of Russia told reporters.
"The Bank of Russia will determine the official ruble exchange rate on the over-the-counter market. The rate will remain uniform and market-based, but the range of data used to calculate it will shift. It should be noted that both the international and domestic currency markets of most countries in the world are over-the-counter," the press service said.
The Central Bank also emphasized that currency exchange trading is not a necessary condition for the convertibility of the national currency, the free circulation of foreign currency, and the formation of market exchange rates.
The regulator added that the sanctions against the Moscow Exchange do not affect the volume of foreign currency received from exports or the demand for it to pay for imports. "The sanctions imposed on the Moscow Exchange only alter the structure of trade on the domestic foreign exchange market, they have no effect on the volume of foreign exchange earnings from exports or the demand for them to pay for imports. As a result, the foreign exchange market balance has remained relatively stable (unlike in 2022 and 2023, when both exports and imports varied dramatically)," the regulator said.
The US introduced sanctions yesterday against the Moscow Exchange, the National Settlement Depository and the National Clearing Center. The Moscow Exchange said that it would not trade in the dollar, the euro, and the Hong Kong dollar since June 13 due to sanctions.
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