Urgent: The ruble is rebounding strongly after a sudden decision by the Russian Central

rubles

After a wave of significant decline of the Russian ruble at the end of last week, following the sudden decision of the Central Bank to cut interest rates by 300 basis points, it seems that the ruble is on its way to return again.

The Russian ruble reached its highest levels against the dollar and the euro in seven years, down near the levels of 56 rubles to the dollar, and below the 58 rubles to the euro.

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new decision

The Central Bank of Russia decided that, starting from Monday, the Bank of Russia has restricted forex trading in foreign securities, which have been banned by international settlement and clearing organizations.

The Bank of Russia said in a statement that the exception would be for securities of foreign issuers, provided that their main activity is in Russia.

The Bank of Russia decided to limit the trading of foreign securities prohibited by international settlement and clearing organizations to regulated trade as of May 30, 2022, with the exception of securities of foreign issuers who engage in production and economic activities mainly in Russia.

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more details

The Russian Central Bank stressed that the measure aims to protect the rights and interests of investors and reduce their risks.

Currently, the blocked foreign securities are traded in small quantities on the SPB exchange.

Since these assets are not specified in their trading and clearing system, they will be distributed between trading participants and their clients on equal terms, with proportionality and with the possible exception of non-trading accounts of small client portfolios.”

The Central Bank stressed that despite the measures taken by the supervisory authorities, the right of the owners to own such foreign securities remains, and trading of these shares will resume as usual with the lifting of restrictions.

The Russian Central added that then the owners will have the opportunity to dispose of the income received on paper, which is now difficult due to the actions of international depositors and sanctions against the Russian Federation.

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The ruble and the stock market now

During these moments, the ruble rose within the range of 5% against the US dollar, reaching levels below 64 rubles per dollar, as it fell near the levels of 63.8 rubles per dollar.

At the start of the main session on Monday, the Russian stock market showed a rally in the leading indexes, before paring some of its morning gains.

The Moscow Stock Exchange index rose by about 2%, to the level of 2442.79 points, and the RTS index – by 3.78%, to 1165.41 points, according to the data of the trading platform.

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