Russia's central bank taking measures to stabilize the Ruble
2 Min Read
Just minutes after Putin announced the launch of a special military op in Ukraine, the Russian Ruble drops against the dollar.
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The Russian central bank says that it, and other financial institutions, are ready for all scenarios.
After Russia's announcement of a military operation in Ukraine, its currency, the Ruble, has hit a record low - falling 9% against the dollar.
Moreover, the Moscow Stock Exchange reopened down 14% after the attack on Ukrainian military facilities.
The Russian central bank, in response, has announced that it will be intervening to regulate the situation, assuring that it has "clear action plans for any scenario."
"To stabilize the situation on the financial market, the Bank of Russia has decided to start interventions in the foreign exchange market," said the central bank in a statement.
The measures taken intend to provide "additional liquidity to the banking sector" in Russia, especially after sanctions against Russia are also expected to affect the economic situation.
"The Bank of Russia will ensure the maintenance of financial stability and continuity of the operation of financial institutions, using all necessary tools," the statement said.
This decision comes as the Moex index, dominated by the Ruble, opened down 13.97%, while the USD-dominated RTS was down 20.16%.
A temporary suspension of exchange was announced early Thursday.
Just minutes after Vladimir Putin announced the military operation this morning, the ruble fell 9% to 90 against the dollar at 05:42 GMT, which constitutes an all-time low. However, it retracted slightly afterward.
