The Bank of Russia will check the jump in exchange rates on the stock exchange for manipulation
The Central Bank will check for manipulation the jump in the dollar and euro on the stock exchange, which occurred on March 16, when currencies rose to a maximum in 11 months. This was announced by the head of the Central Bank Elvira Nabiullina. She added that at the moment the bank does not see speculation and considers fluctuations to be normal practice.
“We do not see any speculative actions. But there were indeed course movements, especially in mid-March. This is due to the fact that we saw a concentration of open positions on the eve of expiration (execution) on the exchange of futures contracts,” said Ms. Nabiullina on press conferences following a meeting of the Board of Directors of the Central Bank.
The head of the regulator explained the jump in currencies by reducing the liquidity of the foreign exchange market. Therefore, according to her, the situation is included in the normal market practice. Nevertheless, the Bank of Russia is discussing with the Moscow Exchange the improvement of the trading design in order to increase the fixing calculation time.
On March 16, at the peak, the dollar added almost 2% and reached 77.49 rubles - this is the maximum after April 21, 2022. In addition, there was a sharp increase in the volatility of trading in the dollar, euro and yuan with delivery "tomorrow". Market participants in a conversation with Kommersant did not rule out course manipulation.
More details - in the material "Car Correction".