Russian central bank responds to virus and oil shocks

Bank of Russia
The Bank of Russia
Kuba/Wikimedia

Russia’s central bank announced steps to deal with the possible impact of both the coronavirus and the sharp drop in world oil prices.

The Bank of Russia announced today (March 10) that it will take urgent steps to boost liquidity and support companies that buy medical supplies. It said it would respond to fluctuating exchange rates and financial asset prices by holding “a repo fine-tuning auction” worth 500 billion rubles ($6.96 billion).

The central bank also said would raise the limit on

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