Russian Central Bank supporting RUB

RUSSIA / FSU POLITICS - In Brief 11 Mar 2020 by Alex Teddy
On March 10 the Russian Central Bank (CBR) began selling foreign currency in a bid to raise the value of the RUB. RUB slumped to a four year low against the USD on March 9. The move had an immediate effect raising the RUB 4%.Russia has a fiscal rule. Oil revenue above USD 42.4 are used to buy foreign currency and put in the National Welfare Fund (NWF). When oil revenues dip this currency can be sold. The Finance Ministry said its NWF is USD 150 billion.

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