Central bank cannot buy and sell dollars, euros because of Western sanctions. China’s yuan is now the most traded foreign currency in Russia
The Russian central bank said on Thursday it will increase its foreign currency sales to 8.94 billion roubles (US$113.53 million) a day from July 1 for the rest of the year, compared with 8.86 billion roubles previously.
The netting of the central bank’s own transactions and ones it conducts on behalf of the finance ministry provides a figure for overall forex interventions by the state, a major factor for the rouble market.
The announcement implied that net sales of foreign currency by the state will rise to 7.45 billion roubles from 7.36 billion roubles from July 1 until July 4, when the finance ministry will announce new parameters for NWF transactions.
