The Russian central bank will step into the market to support the rouble, it said on Thursday, as the currency crashed to an all-time low, Reuters reports.
Cash exchange points in the Russian capital have stopped trading roubles for dollars and euros. At a popular exchange point on the Tverskaya street the office manager said that they stopped converting roubles “two hours ago” as the Russian currency further spirals.
Russia’s currency, bonds and stocks all tanked, prompting the central bank to announce its first foreign exchange intervention designed to shore up financial stability since 2014, when Russia annexed Crimea from Ukraine.
The rouble skidded to an all-time low of 89.60 against the dollar and neared a crucial threshold of 100 versus the euro. It was around 70 to the dollar and 81 to the euro before the recent round of geopolitical tensions between Moscow and the West started escalating in October.
“To stabilise the situation on the financial market, the Bank of Russia decided to start interventions on the currency market,” the bank said on Thursday. The move helped the rouble to slightly narrow losses.
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