The Bank of Russia decided not to carry out the purchase of foreign currency on the domestic market from January 24 as part of the implementation of the budget rule mechanism, the regulator said in a statement .

“The Bank of Russia has decided not to purchase foreign currency on the domestic market as part of the implementation of the fiscal rule mechanism from 15:00 Moscow time on January 24, 2022. This decision was made in order to increase the predictability of the actions of the monetary authorities and reduce the volatility of financial markets,” the Central Bank said.

The regulator noted that the decision to resume the purchase of foreign currency will be made taking into account the actual situation in the financial markets.

The Bank of Russia also emphasized that the regulator monitors the situation in the financial market and has enough tools to prevent threats to financial stability.

The dollar exchange rate during currency trading on the Moscow Exchange accelerated its growth to 2.19% by the close of the previous session and reached 79.12 rubles, according to the data of the site at 14:45 Moscow time.