Russia to resume operations on domestic FX market in 2024

ANKARA

The Russian Central Bank on Monday announced that it will resume operations on the domestic foreign exchange market from January 2024.

"From January 2024, the Bank of Russia is resuming operations on the domestic foreign currency market connected to replenishing and using National Wealth Fund (NWF) funds, including taking into account all operations carried out with NWF funds in 2023," a bank statement said.


In August, the bank announced stopping purchases of foreign currency from the domestic market until the end-December to back plunging ruble.

The Russian ruble appreciated to over 88 against the US dollar in November after hitting an 18-month low against the greenback in October, exceeding the 102 level.