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Bank of Russia comments on fiscal rule-based operations in domestic FX market

11 January 2023

According to the procedure published by the Ministry of Finance of the Russian Federation, on 13 January 2023, the Bank of Russia will resume FX buy (sell) operations in the domestic FX market as part of the Ministry’s fiscal rule mechanism.

These operations will be performed in the Moscow Exchange FX Market for CNYRUB_TOM instrument.

In order to minimise the impact of the above operations on the exchange rate dynamics, the Bank of Russia will buy (sell) foreign currency in the market evenly throughout every trading day of the month.

The Bank of Russia’s approaches to its monetary policy will remain unchanged under the fiscal rule mechanism. The Bank of Russia retains the option to conduct operations in the FX market to maintain financial stability.

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