Ruble IMPLODING: Desperate Bank of Russia on brink of default - Putin running out of ideas
In its latest announcement the bank has set out new ways to calculate the exchange rate between the dollar and the ruble, which has crashed massively since the start of the conflict. The Bank of Russia said it would expand the time range for calculating the official dollar exchange rate against the ruble to 10.00 to 16.30 Moscow time. So far it has been based on trading in the narrower time range of 10.00 to 11.30. Calculating the exchange rate across a wider time range, it said, would "allow you to take into account a larger number of transactions during the day."
The bank added that this would "increase the representativeness of the US dollar exchange rate against the ruble in conditions of increased volatility in the foreign exchange market."
The ruble has so far proved highly volatile as the conflict has unfolded and the impact of sanctions has begun to take hold.
After trading at just over 84 rubles to the dollar when the invasion began it has declined to as little as 139 to the dollar.
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