Central Bank of Russia changes calculation method for USD/RUB exchange rate
The Central Bank of Russia announces changes to the way it calculates the official USD/RUB exchange rates. The changes reflect the increased market volatility.
The central bank will set the official USD/RUB exchange rate based on data from the Moscow Exchange about the average USD/RUB rates for trades conducted from 10:00 to 16:30 (Moscow Time). Previously, the calculation time period was from 10:00 to 11:30 (Moscow Time). The widening of the time range will allow taking into account a higher number of trades.
There are also changes to the EUR/RUB rate calculation. These rates will be set as the official rates of the rest of foreign currencies against the Russian ruble. This is set to simplify the method for setting and publication of the official rates.
The document for the implementation of the changes has been sent to the Ministry of Justice and will come into force on the day of its publication.