Bank of Russia to streamline approaches to setting official foreign exchange rates
From 27 December 2024, the Bank of Russia will set the official exchange rates of foreign currencies against the ruble based on the consolidated data of the exchange and over-the-counter (OTC) segments of the foreign exchange (FX) market. Given increasing amounts of OTC transactions, this will improve the representativeness of official exchange rates. The amendments are stipulated by Bank of Russia Ordinance No.
The Ordinance also provides for the option of calculating exchange rates through cross rates if trading data for individual currency pairs are unavailable.
To ensure the transparency of the calculation mechanism, the Ordinance contains the descriptions of all the methods that may be used to set official exchange rates, including the respective calculation formulas.
The list of currencies and the method used to set the respective exchange rates (calculation based on FX market data or cross rates) are posted on the website.
The Bank of Russia will continue to monitor changes in the structure of the FX market and, if necessary, further adjust the mechanism for determining the official exchange rates of foreign currencies against the ruble in order to ensure their representativeness as an indicator of developments in the FX market.
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