Monday, Dec 29, 2014Monday, Dec 29, 2014

News

 

Ukraine crisis: Russia sold record $14b in foreign currencies to support ruble

Published on Mar 5, 2014 4:24 PM
 
A man walks past a currency exchange board showing rouble exchange rates in Moscow on Jan 29, 2014. Russia sold a record US$11.3 billion (S$14.3 billion) in foreign currency to support the ruble on March 3, when the ruble came under unprecedented pressure due to concerns about conflict in Ukraine, central bank data showed on Wednesday, March 5, 2014. -- FILE PHOTO: REUTERS

MOSCOW (AFP) - Russia sold a record US$11.3 billion (S$14.3 billion) in foreign currency to support the ruble on March 3, when the ruble came under unprecedented pressure due to concerns about conflict in Ukraine, central bank data showed on Wednesday.

The Russian central bank sold foreign currency to buy rubles and prevent the Russian currency from falling further in value, after the market reacted with panic to parliamentary approval for President Vladimir Putin's request to allow military action in Ukraine on what has been dubbed "Black Monday".

The information was disclosed in the Russian central bank's daily information release of currency interventions and no further details were given.

But the central bank had indicated on Monday that it was prepared to make major interventions, saying that due to the increased volatility it was assessing the market situation on a daily basis.

 
If you are not a subscriber, you can get instant, unlimited access here