The Bank of Russia has developed additional procedures for establishing official foreign exchange rates against the ruble. This is stated on October 3 on site regulator.
The purpose of additional procedures is a more accurate reflection of the situation on the markets
“In order to establish official rates, additional alternative data sources will be provided – bank statements and digital platforms for over-the-counter trading,” the message says.
The Central Bank also prepared a draft instruction on making appropriate changes to the procedure for calculating and publishing foreign exchange rates.
On September 29, Natalya Milchakova, a leading analyst at Freedom Finance Global, in an interview with Izvestia, did not rule out the possibility of stopping exchange trading in US dollars and euros. According to the financier, the Russian regulator at least allows this option and is already preparing foreign exchange market participants for a scenario that is negative for the foreign exchange market.
Forex Club Senior Analyst Valery Polkhovsky considered it unlikely that exchange trading in dollars and euros would stop, despite the fact that “currencies are becoming more and more toxic and there is an active de-dollarization and de-eurization of the economy.”
On September 22, Ph.D. in Economics, financial analyst Mikhail Belyaev expressed the opinion that in Russia the need for dollar-ruble conversion may narrow, but the scenario in which US currency trading will completely disappear is absolutely hypothetical.
On August 8, the Moscow Exchange announced the suspension of yen trading. Since June 14, the Moscow Exchange has suspended trading in the Swiss franc on the foreign exchange market.
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