Russia's central bank starts preemptive FX selling

Russia's central bank starts preemptive FX selling

The Russian central bank has started preemptive selling of foreign currency on the market today to lower market volatility after a steep drop in the rouble, the bank said.

The move is aimed at "increasing the predictability of the actions of the monetary authorities and reducing volatility on financial markets amid significant changes in the world oil market," according to a website statement.

The bank did not disclose the amount of FX interventions, Reuters reported.

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