The Bank of Russia announced changes to the method of setting official foreign exchange rates, effective from December 27, 2024. The bank will now determine these rates based on consolidated data from both the exchange and over-the-counter (OTC) segments of the foreign exchange market. This adjustment is aimed at improving the representativeness of official exchange rates due to the growing volume of OTC transactions. These changes are outlined in Bank of Russia Ordinance No. 6956-U.
Additionally, the ordinance allows for calculating exchange rates using cross rates when trading data for specific currency pairs is unavailable. To maintain transparency, it includes detailed descriptions of all methods that might be used to set official exchange rates, along with their respective calculation formulas.
Information about which currencies are affected and whether their rates are calculated based on FX market data or cross rates is available on the Bank’s website. The Bank of Russia plans to continue monitoring shifts in the FX market structure and may further adjust its mechanism for determining official exchange rates if necessary, ensuring they remain a reliable indicator of market developments.
The press service should be referenced if this material is used.
