Amid the collapse of the ruble, the Central Bank stopped buying foreign currency on the market for the Ministry of Finance

Bank of Russia announced on the suspension of the purchase of foreign currency on the market as part of the fiscal rule in order to “reduce the volatility of financial markets.” The decision to stop purchases was made after a sharp depreciation of the ruble – during the auction on January 24, the value of the dollar for the first time since November 2020 exceeded 79 rubles, and the euro exchange rate exceeded 89 rubles. (for the first time since July 2021).

“The Bank of Russia monitors the situation in the financial market and has enough tools to prevent threats to financial stability,” the Central Bank said in a statement.

The press service of the regulator noted that the decision to resume purchases of foreign currency on the market will be made “taking into account the actual situation in the financial markets.”

Against the background of the statement of the Central Bank, the ruble won back part of the losses incurred during the day. By 16:15 Moscow time, the dollar exchange rate was 78.47 rubles, the euro exchange rate – 88.735 rubles.