The ruble experienced a strengthening in early December following a period of depreciation in November. The recent sanctions imposed on Russian banks during the latter half of November 2024 led to a short-term increase in volatility and weakening of the ruble.
To address this volatility, the Bank of Russia announced that it would refrain from purchasing foreign currency to align with fiscal rule-based operations by the Russian Ministry of Finance until the end of 2024. However, it will continue selling foreign currency. This decision contributed to the ruble’s rebound at the beginning of December 2024.
By the end of November 2024, the MOEX Russia Index saw an increase of 0.7%. Short-term federal government bond yields rose, while those for medium- and long-term bonds decreased.
Further information can be found in the latest issue of the Financial Market Risks Review.
