Bank of Russia Rolls Out First Emergency Measures as Ruble Dives
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The Bank of Russia unveiled its first emergency measures in an attempt to stabilize the financial market after President Vladimir Putin ordered an attack Ukraine.
The central bank said it will intervene in the foreign exchange market for the first time in years and expand its Lombard list of securities accepted as collateral, according to a statement. The regulator made no mention of raising interest rates but said it will provide additional liquidity to banks by offering 1 trillion rubles ($11.5 billion) in an overnight repo auction.