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The Russian financial authorities have enough measures that can be applied to strengthen the national currency in connection with the escalation of the conflict around Ukraine and the start of a special military operation of the Russian troops in the Donbass. This opinion was expressed to the PRIME agency by the analyst of FG “Finam” Alexander Potavin.
According to him, the first support measure was already launched on Thursday: on February 24, the Bank of Russia began to carry out interventions to sell foreign currency for rubles to stabilize the situation.
“This temporary measure for some period can keep the ruble from further collapse,” the specialist said. He stressed that the gold and foreign exchange (international) reserves of Russia for some time will make it possible to prevent further sharp depreciation of the ruble.
“The mandatory sale of foreign exchange earnings by exporters and an emergency rise in the key rate of the Bank of Russia are some of the measures that can additionally support the stability of the ruble, but we must understand that these measures are medium-term,” Potavin explained.
In his opinion, the only way to reduce volatility in the foreign exchange market in the short term is through interventions. “So far, the scale of new sanctions from the West is not clear, so it is difficult to give specific forecasts on the timing and volume of foreign exchange interventions,” the expert summed up.
Recall that the day before, the Russian stock and currency markets reacted with a panic drop to a sharp aggravation of the conflict around Ukraine and the start of a special military operation of the Russian troops in the Donbass.
The Moscow Exchange suspended trading several times, and the dollar and euro rates against the ruble in the Forex currency market at the moment soared by 9-10% to historical highs of 90 rubles. and 101 rubles. respectively.
In the afternoon, the ruble managed to win back part of the morning collapse. Following the results of yesterday’s trading on the Moscow Exchange, the dollar exchange rate against the Russian national currency was fixed at the level of 85.25 rubles. (plus 4.09 rubles by the close of the previous day of trading), the euro exchange rate is 95.2075 rubles. (plus 3.51 rubles).
Source: Rosbalt
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