Russian central bank buys up roubles to avert stock market collapse

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Bank scrambles to prevent invasion of Ukraine sending Russia’s financial system into meltdown as currency hits all-time low

The Russian central bank has purchased millions of roubles to prevent the collapse of the Moscow stock exchange and prop up the currency after it plunged to an all-time low of 89.60 against the dollar.pushing Russia’s financial system into meltdown, officials in Moscow closed the stock exchange while the Bank of Russia mounted a rescue operation to put a floor under the skidding rouble.

Kremlin spokesperson Dmitry Peskov said Russia had created a financial safety net to withstand market volatility and said the “emotional” reaction of the financial markets to Russia’s invasion of Ukraine would even out. He added that all necessary measures were being taken to ensure the market reaction was as brief as possible.

A rapidly depreciating currency makes it harder to pay off foreign debts and leads to higher prices on imported goods and lower returns on exports. As the US said it may cut off Russia’s top banks from dollar transactions if Moscow moves its troops into Ukraine, data showed in December that Russian banks brought $5bn in foreign exchange back to Moscow and moved some of their long-term foreign exchange holdings into more liquid assets if needed in an emergency.

 

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Same as the Fed. Thanks for the lesson.

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