MOSCOW, Feb 24 — The Russian central bank beefed up the banking sector with extra liquidity and started to sell foreign currency on the forex market after the rouble fell to all-time lows on the day Moscow sent its troops into Ukraine.
And as Russia’s currency, bonds and stocks all tanked, the central bank intervened on the forex market for the first time since 2014, when Russia annexed the Crimea peninsula from Ukraine. The regulator might have spent between US$1 billion and US$2 billion to support the rouble on Thursday, according to Promsvyazbank analysts. The central bank is due to disclose the sum on Monday.
State-owned Sberbank and VTB both said their operations continued as usual on Thursday, but the latter urged its corporate clients to refrain from dollar and euro transactions. Read full story “Russia has financial resources enough to maintain the financial system in the light of sanctions and external threats,” the government said today, adding that the budget has over 4.5 trillion roubles in available extra funds.
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