Ruble strengthens in early December after depreciation in November
9 December 2024
News
The new sanctions imposed on Russian banks in the second half of November 2024 provoked a short-term spike in volatility and ruble weakening.
In order to reduce volatility, until the end of 2024, the Bank of Russia will not purchase foreign currency to mirror fiscal rule-based operations conducted by the Russian Ministry of Finance but will continue to sell foreign currency. At the beginning of December 2024, the ruble exchange rate bounced back.
As of the end of November 2024, the MOEX Russia Index added 0.7%. Yields on short-term federal government bonds were up, whereas those on medium- and long-term bonds declined.
More details are available in the new issue of the Financial Market Risks Review.