Cbank likely to sell foreign currency in 2024 if oil prices stay

MOSCOW, Dec 15 (PRIME) -- Russia’s central bank is likely to sell foreign currency next year if the oil prices stay around the current level, Chairwoman Elvira Nabiullina said on Friday in a news conference.

“Regarding what will happen with our operations on the foreign currency market, … much would depend on the oil prices. If the oil prices remain at the current level, we will most likely sell foreign currency. If every other factor remains the same, it will support the exchange rate of our national currency,” she said.

The central bank stopped foreign currency operations under the budget rule from August 10 until the end of the year because of the ruble’s fall, but continued selling 2.3 billion rubles of foreign currency per day in operation connected with the National Wealth Fund.

At the end of November, the regulator said that it would resume operations on the internal currency market connected with replenishment of the National Wealth Fund from January 2024.

(89.6741 rubles – U.S. $1)

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