Bank of Russia vows to carry out ‘unlimited' interventions to defend ruble

Bank of Russia

The Bank of Russia has vowed it will carry out "unlimited" foreign exchange interventions to defend the ruble weeks after it let the currency float.

The central bank also announced yesterday that it had cut interest rates on forex repos in order to "balance supply and demand" in the local foreign exchange market.

The ruble has fallen off a cliff in the recent months, losing over 60% against the dollar since June 27 amid Western sanctions and falling oil prices. On Monday, it plummeted by 8%

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