The Bank of Russia named the latest package of sanctions as the main reason for the weakening of the ruble in December.
Restrictive measures have had an impact on the flow of currency into the market.
The Bank of Russia press service reported this on the agency’s Telegram channel.
A new package of sanctions against Russian banks has temporarily affected settlements on international deliveries.
The department noted that the latest restrictions prevented foreign currency earnings from entering the market.
The resulting uncertainty has led to increased demand for currency from importers.
Companies that had to repay their foreign currency loans began buying dollars more often, causing exchange rate fluctuations to increase sharply.
The Bank of Russia, regulating surges in demand, suspended planned purchases of currency from the National Welfare Fund on its part.
The regulator indicated that exchange rate fluctuations have now decreased significantly.
Author: Elena Gutyro
