Aug
23
Bank of Russia Halts Ruble Slide by Stopping FX Purchases
By-
Regulator says it will stop transactions through end of Sept.
- Central bank sets time frame for suspension for first time
Russia’s central bank said it will suspend sales of rubles to purchase foreign exchange through the end of September in an effort to steady the currency, helping pull it back from the lowest level in two years.
The move was the most dramatic official step yet to stem the currency’s declines, which have picked up in recent days amid growing fears of U.S. sanctions. Alarm over the impact of possible new restrictions being discussed in Washington has spread beyond financial markets, with the government saying Wednesday it will have to trim economic growth forecasts for this year because of the turmoil and surging outflows of capital…
