On Bank of Russia operations in the FX market

According to the procedure published by the Ministry of Finance of the Russian Federation, the Bank of Russia will continue to perform operations to buy (sell) foreign currency in the domestic FX market related to the Ministry’s implementation of the ‘fiscal rule’. In order to minimise the impact of the above operations on the exchange rate dynamics, the Bank of Russia will, as before, buy or sell foreign currency in the market evenly during every trading day of the month.

The Bank of Russia’s approaches to its monetary policy will remain unchanged in the context of the implementation of the ‘fiscal rule’. In particular, the Bank of Russia retains the option to conduct operations in the FX market to maintain financial stability or to accumulate its FX reserves. In that case, the daily amount of the Bank of Russia’s transactions to buy (sell) foreign currency in the domestic market may differ (including the direction) from the amount determined by the Russian Ministry of Finance under the ‘fiscal rule’.

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