Russia’s Central Bank ready to make foreign currency interventions to keep up ruble

The Central Bank of Russia (CBR) said it was ready to make foreign currency interventions without limits in amounts, as the current ruble rate has deviated considerably from fundamentally reasonable values.
“According to CBR estimates, the current ruble rate has deviated considerably from fundamentally reasonable values,” the monetary regulator said, noting that “The CBR is ready to make foreign currency interventions in the future if necessary without limits in amounts and preliminary announcement.”
Ruble devaluation predetermines risks to financial stability
The current devaluation of the Russian ruble is creating conditions for emergence of risks to financial stability, Russia’s Central Bank said.
“The dynamics of the ruble which is currently being observed, including its excessive volatility, is predetermining the emergence of risks to financial stability and is creating stable devaluation and inflation expectations,” the regulator said.