Bank of Russia caps daily forex interventions
Value of the ruble ‘will be determined predominantly by market factors'
The Bank of Russia today announced it will limit daily foreign exchange interventions to $350 million in a bid to "further increase" the flexibility of the ruble.
The central bank also introduced a new, 12-month forex repo instrument aimed at ensuring the Russian banking sector has access to dollars amid "restricted access to international capital markets".
The measures, both effective from today, follow a tumultuous month that saw the Bank of Russia spend more than $30 billion to defend the
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