Bank of Russia commentary on operations under fiscal rule
10 March 2020
News
The Bank of Russia has decided to start pre-emptive foreign currency sales in the domestic market under the fiscal rule on 10 March 2020, taking into account the current oil price and its impact on the operations of the National Wealth Fund (NWF) in April. These operations will be performed until the start of regular foreign currency sales from the NWF funds. The 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 Bank of Russia is monitoring the situation in the financial market and is prepared to resort to additional instruments to maintain financial stability.
