Russia's central bank has stopped buying foreign currency in the domestic market until the end of this year, in an attempt to support the Russian ruble, which fell to about 100 rubles per dollar, its lowest level in 16 months. The central bank announced that it had taken the decision in order to reduce volatility in the financial markets, refraining from buying foreign currency from the domestic market as part of the so-called adverse operations with the Russian Ministry of Finance - in accordance with budget rules - which were put in place to protect the economy from fluctuations in commodity prices.
The central bank will continue to sell foreign currencies linked to the use of financing from Russia's National Welfare Fund (sovereign wealth fund).
Source (Al-Arabiya.net Website, Edited)
