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Situation in financial markets and stabilisation measures

Amid the increased volatility, the Bank of Russia is closely monitoring the developments in the financial market.

Comments by Ksenia Yudaeva, First Deputy Governor of the Bank of Russia, for the Russia 24 TV channel on 10 March 2020

Today, the Russian financial system is better prepared for external shocks than in 2014–2015. The banking sector, as well as the financial system in general, have accumulated capital and liquidity buffers, both in rubles and in the foreign currency. The amount of external and domestic foreign currency-denominated debt has decreased in the recent years. The fiscal rule largely protects the budget from oil price swings.

The Bank of Russia has taken a number of measures to stabilise the situation and mitigate the negative impact on the financial system and the economy:

On 13 March 2020, the Bank of Russia has decided to hold a fine-tuning repo auction in the amount of 500 billion rubles, given the fluctuations of exchange rates and financial asset prices in Russian and global financial markets as well as the actions taken by central banks of other countries over the course of this week. For details, see ...

On 10 March 2020, the regulator decided to start pre-emptive foreign currency sales in the domestic market under the fiscal rule, taking into account the current oil price and its impact on the operations of the National Wealth Fund (NWF) in April. For details, see ...

As part of the operations to provide liquidity for the banking sector, we have held a repo auction in the amount of 500 billion rubles and increased the limit on FX swaps. The Bank of Russia will continue to monitor the situation to adjust the amount of operations. For details, see ...

In addition, due to the increased volatility in the FX and securities markets, the regulator has introduced temporary (until 30 September 2020) regulatory easing for banks. These measures are intended to help the transport and tourism sectors overcome the difficult period and to stimulate lending to producers of medical goods, the demand for which has recently increased. For details, see ...

On 9 March 2020, the Bank of Russia decided not to purchase foreign currency in the domestic market under the fiscal rule over the course of the next 30 days. For details, see ...

The Bank of Russia has sufficient instruments to support financial stability and is prepared to promptly use them if the situation so requires.

This page may be updated if new information is received.

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Last updated on: 18/03/2020