Bank of Russia’s comment on fiscal rule-based operations in FX market

The Bank of Russia has decided that, from 28 November through 31 December 2024, it will not buy foreign currency in the domestic FX market to mirror regular fiscal rule-based operations conducted by the Ministry of Finance of the Russian Federation. This decision is aimed at reducing volatility in financial markets.

Nevertheless, in accordance with the procedure announced earlier, the Bank of Russia will continue operations to sell foreign currency in the domestic FX market intended to replenish and use the National Wealth Fund’s resources, including taking into account all the operations with its resources conducted in 2023, in the amount of ₽8.40 billion per day.

The Bank of Russia will decide whether to resume operations in the domestic FX market to mirror fiscal rule-based operations of the Russian Ministry of Finance depending on the actual situation in financial markets. The suspended purchases will be made over the course of 2025.