Bank of Russia commentary on operations under fiscal rule

The Bank of Russia has made the decision not to perform foreign currency purchases in the domestic market under the fiscal rule for the next 30 days.  This decision is aimed at increasing the predictability of monetary authorities' actions and lowering volatility in financial markets amid significant shifts in the global oil market. The decision applies to both regular foreign currency purchases and those postponed in 2018. The Bank of Russia will decide on the resumption of foreign currency operations under the fiscal rule taking into account the actual state of financial markets in March 2020.

The Bank of Russia is monitoring the situation in the financial market and is prepared to resort to additional instruments to maintain financial stability.