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The Central Bank of Russia started purchasing US dollars with “tomorrow” clearings on Monday to support the American currency. According to bank dealers, the Central Bank started its ruble intervention at midday, buying US dollars at 28.8650 RUR/USD, which was very close to the dollar’s official exchange rate for Tuesday, January 13. Experts estimate the Central Bank’s dollar purchases at about $100m. They say the Central Bank was forced to take more effective measures to stop the ruble’s strengthening in the face of the dollar’s significant weakening against the Russian currency. Since the start of the year, the dollar has lost RUR 0.58 of its value against the ruble. And the dollar’s exchange rate has dropped by more than RUR 3, about 10 percent of its value, since January 1, 2003.
The current exchange rate of the American currency is the same as in mid-April 2001, almost three years ago. Another reason that persuaded the Central Bank to act was speculative operations of traders aimed at raising the ruble’s exchange rate sharply.
Bank dealers said the Central Bank had not supported the American currency since January 1, 2004.
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RUSSIA IN FACTS
