The Bank of Russia announced on Wednesday that it intends sell 150 billion rubles' worth ($1.5 billion) of foreign currency on the foreign exchange market from September 14 to September 22.
"Thus, the daily volume of these operations of the Bank of Russia will amount to 21.4 billion rubles during this period instead of 2.3 billion rubles," the bank stated, adding that the decision was taken due to the "forthcoming redemption of the foreign currency issue" of Russian Eurobonds on September 16, 2023.
The central bank's move comes as part of the "mirroring transactions" related to National Welfare Fund (NWF) investments, which could lead to increased "demand for foreign currency" and a reduction in foreign exchange market volatility. The bank underlined that there will be no large payments on Russia's foreign currency Eurobonds in the next two years.
