Russian Central Bank Stops Buying Foreign Currency For Finance Ministry Until Late Sept

MOSCOW (UrduPoint News / Sputnik - 23rd August, 2018) The Russian Central Bank said on Thursday it would stop purchases of foreign Currency on behalf of the Russian Finance Ministry until the end of September.

"The Bank of Russia has decided not to purchase foreign currency on the domestic market from August 23 until the end of September 2018 as part of implementation of the budget rule mechanism.

Such decision has been taken to increase the predictability of actions of monetary authorities and reduce the volatility of financial markets," the bank's statement read.

According to the regulator, the decision on resuming purchases of foreign currency would be made based on the situation in financial markets in September.

"We remind you that we, as always, monitor the situation on the financial market and have enough tools to prevent threats to financial stability," the statement read.