Russia's Central Bank limits dollar purchase

Sat 11 Aug 2018 02:27 GMT | 06:27 Local Time

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The Central Bank of Russia moved to action to stop the devaluation of the Russian ruble and currency volatility.

According to the Russian press, the Central Bank has decided to limit the daily purchase and sale of currency.

The bank said that the ruble's decline is linked to US sanctions. The Central Bank has enough tools to prevent the collapse of the ruble.

The Central Bank has already limited currency purchase. At the currency auction on August 9, the bank purchased foreign currency in the amount of RUR 8.400bn, and on August 8 this figure amounted to RUR 16.7 bn.

Meanwhile, the other day, Russian Prime Minister Dmitry Medvedev said that if the US introduces sanctions for the banking sector or external currency transfers, it will be regarded as an economic war.

Since the beginning of the year the ruble has lost 13% of the value to the dollar.




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