Arab Today, arab today russia halts foreign currency purchases after ruble slides
Last Updated : GMT 21:26:48
Arab Today, arab today
Arab Today, arab today

Russia halts foreign currency purchases after ruble slides

Arab Today, arab today

Arab Today, arab today Russia halts foreign currency purchases after ruble slides

Russian ruble
Moscow - AFP

Russia's central bank announced Wednesday it had halted its purchases of foreign currency on the back of a recent slump by the ruble.

Over the past few months as the ruble stabilised, the bank has been buying up foreign currency to replenish reserves it spent trying to prop up the plunging currency last year.

But officials said they have now halted the purchases due to a "growth of volatility on the domestic currency market" after the ruble plummeted this week to its lowest point since March as global oil prices dropped.

Oleg Kouzmin, an economist at Renaissance Capital, welcomed the central bank's move as "a very rational and timely decision."

The ruble picked up slightly following Wednesday's decision, reaching 59.84 to the dollar.

Economists had warned that the latest slide could see inflation, which cooled  slightly to a still-high 15.3 percent last month, creep up again and throw further interest rate cuts into doubt.  

The central bank will decide Friday whether to cut its interest rates for the fifth time this year in a bid to breathe life into Russia's battered economy.

Russia's economy has slumped into recession on the back of lower oil prices and Western sanctions over Ukraine.

Authorities have claimed that the worst of the crisis has already been reached but the new drop in the ruble has highlighted how volatile the situation remains.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russia halts foreign currency purchases after ruble slides Arab Today, arab today russia halts foreign currency purchases after ruble slides

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russia halts foreign currency purchases after ruble slides Arab Today, arab today russia halts foreign currency purchases after ruble slides

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday