Currency trading is not necessary for the convertibility of the ruble and the free circulation of currencies, the Central Bank explained. They added that the exchange rate of the national currency will be determined by the balance between supply and demand of foreign trade activities.

The Central Bank revealed the mechanism for calculating the ruble exchange rate after the introduction of sanctions against the Moscow Stock Exchange

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Previously, on June 12, the United States imposed sanctions on the Moscow Stock Exchange and its member group, the National Clearing Center. Due to this, the site had to suspend operations in US dollars, Hong Kong dollars and euros. Trading of instruments with settlement in these currencies in the stock market, the money market and the standardized derivatives market (SDFI) has also been suspended.

As noted by the Central Bank, the official rate will be calculated in the over-the-counter market, but will remain uniform and market-based. Only the data circle for the calculation will change.

“The ruble exchange rate will remain the same as the market rate, only the range of data for its calculation will change,” the regulator stressed.

The Bank of Russia indicates that in May the participation of the Chinese yuan in trade on the Moscow Stock Exchange was 54%. Thus, the regulator concludes, the role of the dollar and the euro in the Russian market has decreased in the last two years.

The Central Bank indicated that the new US sanctions will not affect the volume of foreign exchange earnings from exports nor will they affect the demand for payment of imports. The regulator also assured that the balance in the exchange market will not change.

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Natalia Gormaleva

Source: RB

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