The Bank of Russia has announced that it will refrain from purchasing foreign currency in the domestic FX market to mirror fiscal rule-based operations conducted by the Ministry of Finance of the Russian Federation. This decision, effective from November 28 through December 31, 2024, aims to reduce volatility in financial markets.
Despite this pause in purchasing, the Bank of Russia will continue its operations to sell foreign currency in the domestic FX market. These sales are intended to replenish and use the National Wealth Fund's resources, with transactions amounting to ₽8.40 billion per day. These operations take into account all transactions with these resources conducted in 2023.
The Bank of Russia has stated that it will assess whether to resume its operations mirroring fiscal rule-based activities by the Russian Ministry of Finance based on actual financial market conditions. Any suspended purchases are expected to be made over the course of 2025.