To halt the further decline of the Russian ruble against foreign currencies Bank of Russia announced on suspending purchases of any foreign currency on the domestic market from November 28 through the end of 2024.
As the regulator explains, this measure is aimed at reducing volatility in financial markets, which is a top priority given the current economic situation.
At the same time, the Bank of Russia will continue to conduct foreign currency sales on the domestic foreign exchange market in connection with the replenishment and use of funds from the National Wealth Fund.
Earlier, the Central Bank's official dollar exchange rate exceeded ₽114 for the first time since March 17, 2022.
At the same time, the Central Bank will continue to sell foreign currency as part of the replenishment and use of the National Wealth Fund.
The ruble began to weaken significantly again starting in August 2024. On November 27, the ruble fell by about 9% against the dollar and the euro. On the over-the-counter Forex market, the euro exchange rate exceeded 120 rubles, and the dollar exchange rate — 114 rubles, a level not seen since March 2022. Following the release of the Central Bank of the Russian Federation’s press release, the ruble began to strengthen slightly.
The official euro exchange rate set by the Central Bank of the Russian Federation for November 28 is 113.0947 rubles; the dollar exchange rate is 108.0104 rubles; and the yuan exchange rate is 14.8382 rubles.
- Gazprom's stock prices plummeted to an all-time low—they are currently trading around $1 per share. The decline in rubles is no less dramatic: from 360 rubles in 2008 to 115 rubles today.
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