Exchange rates in Russia will be set according to new rules

The Bank of Russia has developed additional procedures for setting the official exchange rates of foreign currencies against the ruble.

“In order to establish official rates, additional alternative data sources will be provided – bank statements and digital platforms for over-the-counter trading,” the press service of the Bank of Russia reports.

Details of determining foreign exchange rates are specified in project instructions “On the procedure for establishing and publishing by the Central Bank of the Russian Federation the official exchange rates of foreign currencies against the ruble”.

In particular, it says that the Bank of Russia sets official exchange rates against the ruble without obligation to buy or sell these currencies at this rate.

The exchange rates for the dollar, euro and yuan will be set based on data on the weighted average exchange rate of these currencies against the ruble, calculated on transactions concluded on the Moscow Exchange with the expectation of tomorrow. In the absence of such data, the Central Bank will rely on information from credit institutions on similar transactions concluded on other foreign exchange markets. If these data are not available, the exchange rates will remain at the same level.

As for other currencies, their rates against the ruble will be calculated on the basis of the US dollar against the ruble and against the corresponding currencies.

The statement of the press service of the Bank of Russia notes that such a calculation procedure is being introduced “in order to more accurately reflect the situation on the markets.”

Now the draft of the Central Bank is undergoing an independent anti-corruption expertise.

Alena Bodrienko.

Photo by Kirill Zykov / Moskva Agency