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How the Central Bank’s Decision to Withdraw Foreign Currency Strengthens the Russian Ruble

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Central Bank of Russia’s Decision to Boost Ruble Strengthens Currency

Financial experts believe that the recent move by the Central Bank of the Russian Federation to inject foreign currency into the local market, coinciding with the surge in global oil prices, will result in a stronger Russian ruble.

Central Bank’s Announcement

On Wednesday, the Central Bank of the Russian Federation revealed its plan to introduce foreign currency worth 21.4 billion rubles into the domestic market. This initiative aims to increase the availability of foreign funds from 2.3 billion rubles to 21.4 billion rubles. The primary objective of this move is to support and stabilize the Russian currency’s exchange rate.

Oil Market Impact

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This decision aligns with the recent upward trend in oil prices worldwide, following Russia and Saudi Arabia’s joint efforts to bolster the oil market. Moscow has declared its intention to continue reducing oil exports by 300,000 barrels per day until the end of 2023. In a similar vein, Saudi Arabia has extended its voluntary cut in oil production by one million barrels per day for an additional three months.

Foreign Exchange Market

In the foreign exchange market, the US dollar experienced a decline of 23 kopecks (100 kopecks equal one ruble), resulting in a new exchange rate of 97.67 rubles. Similarly, the euro witnessed a decrease of 4 kopecks, bringing its exchange rate to 104.86 rubles.

Source

Source: RT+News

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