Bank of Russia commentary on operations under fiscal rule

The Bank of Russia has decided to continue the suspension of foreign currency purchases in the domestic market under the fiscal rule until the end of December 2018. The decision to resume regular foreign currency purchases in the domestic market under the fiscal rule will be taken in accordance with the actual situation in the financial markets. The decision regarding the foreign currency purchases in the domestic market that were postponed in 2018 will be taken after regular purchases are resumed. Postponed purchases can be resumed in 2019 and in later years.

The decision is aimed at raising the predictability of monetary authorities' actions and lowering volatility in financial markets.