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Bank of Russia Halts Ruble Slide by Stopping FX Purchases

Russia’s central bank said it will suspend sales of rubles to purchase foreign exchange through the end of September in an effort to steady the currency, helping pull it back from the lowest level in two years.

The move was the most dramatic official step yet to stem the currency’s declines, which have picked up in recent days amid growing fears of U.S. sanctions. Alarm over the impact of possible new restrictions being discussed in Washington has spread beyond financial markets, with the government saying Wednesday it will have to trim economic growth forecasts for this year because of the turmoil and surging outflows of capital.

Russian Farmers Avoid Ruble, Use Cryptocurrency To Thrive

The central bank’s announcement was the first time the regulator has given a time frame for staying out of the market since the foreign-exchange-buying program began in early 2017…

To read more visit Bloomberg.

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