Bank of Russia to offer $50 billion through new FX repos

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Bank of Russia

The Bank of Russia will offer new foreign currency repos from the end of the month, it announced today, in an effort to boost market liquidity and "smooth" exchange rate volatility.

So far this month, the central bank has spent over $7 billion to support the ruble, which has fallen by more than 18% against the US dollar in the past three months.

There are limits to how much it can spend. Although it held $410 billion in foreign exchange reserves at the end of September, the central bank plans to

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