Starting June 13, the Bank of Russia will set the official exchange rates of the dollar and the euro based on banks’ reports on transactions in the over-the-counter foreign exchange market, the regulator explained.
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“As of June 13, 2024, the Bank of Russia sets the official exchange rates of the US dollar and the euro against the Russian ruble based on data submitted by credit institutions on the basis of the results of currency transactions. interbank conversions concluded in the over-the-counter foreign exchange market. foreign exchange market as of 15:30 Moscow time on the current business day,” the regulator said in a statement.
The Central Bank approved alternative approaches to calculating the official exchange rate in the absence of foreign exchange operations on the Moscow Stock Exchange on October 3, 2022. Based on these reserve methods, the Bank of Russia calculated exchange rates daily of currencies.
According to the regulator, the calculations showed only a slight deviation in the exchange rates of the dollar and the euro, which were determined on the basis of over-the-counter data.
“In particular, the average deviation from January 1, 2023 to June 11, 2024 for the US dollar was 0.01%, for the euro, 0.03%,” the Central Bank cites data and concludes that this approach is representative.
Author:
Natalia Gormaleva
Source: RB
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