The Central Bank of Russia will sell foreign currency for a total of 150 billion rubles from September 14 to 22. This is stated in a post at: Web site Russian editor.
Thus, during this period, the daily sales volume will increase almost 10 times, reaching 21.4 billion rubles instead of 2.3 billion rubles.
In the statement regarding this decision of the Central Bank, it is stated that “The adjustment in the daily trading volume in the specified period is due to the redemption of the foreign currency issuance of the Russian Federation Eurobonds to be made on September 16, 2023”.
It is stated that payments to Eurobond holders will be made in rubles, and in connection with this, some Eurobond holders may show additional demand for the currency after their redemption.
In August, the Central Bank increased the policy rate from 8% to 12% due to increasing inflation. Some experts expect more rate hikes this fall. Annual inflation in Russia rose to 4.3% in July, after 3.58% in June. However, the indicator still has not significantly exceeded the Central Bank’s 4 percent target.
The previous day Alexei Zabotkin, Deputy Governor of the Central Bank declarationThat the Central Bank of the Russian Federation does not exclude the increase in the key rate at the next meeting of the Board of Directors on September 15.
Previously recognized Growth of demand for consumer loans in the Russian Federation.