Skip to content
Subscriber Only
Business
Economics

Russia Ends Foreign Currency Purchases in Boost for Easing

relates to Russia Ends Foreign Currency Purchases in Boost for Easing
Updated on

Russia’s central bank halted purchases of foreign currency to replenish the country’s international reserves, a move that may lay the groundwork for a fifth interest-rate cut this year at a meeting on Friday.

The operations were suspended on July 28 as a result of “growth in volatility on the domestic currency market,” the regulator said in a statement on its website Wednesday. It said currency purchases were reduced to $160 million on Monday from $200 million a day last week. The ruble appreciated as much as 1.4 percent after the announcement, before paring gains.