Bank of Russia to change procedure for calculating and publishing official foreign exchange rates
In order to improve the representativeness of the US dollar exchange rate against the ruble amid elevated volatility in the foreign exchange market, the Bank of Russia will extend the time span for calculating the official USD/RUB exchange rate, and also streamline the procedure for setting the official EUR/RUB exchange rate. The draft of the relevant ordinance has been forwarded to the Ministry of Justice for registration; the document will come into effect on the day of its official publication.
According to the document, the Bank of Russia will set the official exchange rate of the US dollar on the basis of the Moscow Exchange data on the average weighted USD/RUB exchange rate for transactions concluded from 10:00 to 16:30 Moscow time. Previously, the calculation period was
Moreover, the official EUR/RUB exchange rate will be set in the same manner as the official exchange rates of other foreign currencies against the ruble. This will simplify the procedure for setting and publishing official exchange rates.