Russia’s central bank denied a report in the Vedomosti newspaper on Monday that the institution had begun buying foreign currency to stop the ruble’s rise.
“This information does not correspond to reality,” the central bank said in response to Reuters’ request for comment, without providing further details.
Vedomosti reported that the Russian central bank began buying foreign currency to prevent the uncontrolled strengthening of the ruble.
The newspaper cited two sources close to the government and a source close to the central bank.
According to Vedomosti, sources said the central bank buys foreign currency from export-oriented companies through intermediaries, without providing details of the purchasing mechanism.
So far this year, despite the full-scale economic crisis in Russia, the ruble has appreciated around 30% against the dollar, making it the world’s best performing currency for that period.
The ruble is artificially bolstered by capital controls implemented in late February to protect its financial sector after Russia sent tens of thousands of troops to Ukraine.
source: Noticias
