Rouble rises with the intervention of Russia’s Central Bank
(VOVworld) – Ruble has risen slightly after Russia’s central bank announced several measures to support the financial sector.
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| Russian rouble banknote and US dollars (Photo: Action Press) |
The ruble reached the rate of 60.82 Ruble/USD and 75.90 Ruble/Euro at the end of trading day in Moscow on Wednesday following the Russia’s central bank’s financial support package. This includes limiting ceiling interest rate for individual clients, expanding possibility for foreign currency loans, and allowing banks to use the previous interest rate in certain cases. The Russia’s central banks said it spent nearly 2 billion USD on Monday to support the domestic financial market.
On Wednesday, Russia’s Prime Minister Medvedev met with the economic segment of the Cabinet of Ministers, Russia’s central bank and the exporter companies’ chiefs to discuss the continuous supply of foreign currency to banks in order to prevent sudden fluctuations in the ruble’s exchange rate. The Prime Minister asked exporter companies to raise their responsibilities in sales of foreign currency to prevent loss for the rubles. Mr. Medvedev said current ruble exchange rate does not reflect its exact value and has fallen to the rate that is detrimental to the economy.