February 27, 2022
1 min read

Ruble crashes as Russia launches attacks on Ukraine

The Russian central bank added that the country’s financial institutions have a clear plan of action for any scenario…reports Asian Lite News

The Central Bank of Russia suspended trading in the foreign exchange markets on Thursday. The ruble plunged to a record low after President Vladimir Putin ordered his country’s military to conduct a special operation in the Donbass region, RT reported.

The Russian currency dropped 6 per cent to 86 rubles per US dollar early Thursday – the lowest level on record.

Both Moscow’s and St Petersburg’s stock exchanges suspended all trade in rubles after quotes reached the trading band limits set by the exchange itself.

“To stabilize the situation on the financial market, the Bank of Russia decided to start interventions in the foreign exchange market, expand the Lombard list, and conduct operations today to provide additional liquidity to the banking sector,” the regulator said in a press release.

According to the announcement, the regulator will ensure the maintenance of financial stability and the business continuity of financial institutions by using all necessary tools.

The Russian central bank added that the country’s financial institutions have a clear plan of action for any scenario.

Russia is currently holding vast gold and foreign-exchange reserves worth over $600 billion that could be used to prop up the rapidly depreciating national currency if required, the report said.

ALSO READ-India to play “increasing role” in revival of economy

Previous Story

Russia blocks FB, Twitter

Next Story

Textile exports target $100 bn mark in five years

Latest from Business

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

Pro-Russian Ex-MP Ilya Kiva Assassinated

In 2022, Kiva was deprived of his parliamentary mandate on

Russian errors in Ukraine are lessons for PLA

Naturally, the PLA is all eyes and ears when it