Bank of Russia Halts FX Buys as Ruble Slumps Near 100 to Dollar
- Central bank said it will stop FX purchases for rest of 2023
- Ruble breached 98 per dollar in Moscow trading on Wednesday
Boards showing currency exchange rates of the US dollar and the euro against Russia’s ruble in Moscow, on July 6. The ruble has weakened by 23% against the dollar so far this year.
Photographer: Natalia Kolesnikova/AFP/Getty Images
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The Bank of Russia announced it will halt purchases of foreign currency on the domestic market for the rest of 2023 in an effort to help the ruble as the currency slumped toward 100 per dollar, its weakest in 16 months.
“The decision was made in order to reduce the volatility of financial markets,” the central bank said in a statement late Wednesday.