Bank of Russia caps daily forex interventions

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Vladimir Putin

The Bank of Russia today announced it will limit daily foreign exchange interventions to $350 million in a bid to "further increase" the flexibility of the ruble.

The central bank also introduced a new, 12-month forex repo instrument aimed at ensuring the Russian banking sector has access to dollars amid "restricted access to international capital markets".

The measures, both effective from today, follow a tumultuous month that saw the Bank of Russia spend more than $30 billion to defend the rul

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