Russia's Central Bank says it sold $11.3 billion in foreign currency to support the ruble on March 3, when the Russian currency came under unprecedented pressure amid the escalating crisis in Ukraine.
The amount was much higher than what financial experts estimated and is said to be one of Russia’s largest foreign-currency interventions on record.
By comparison, the Central Bank spent $57 billion in December 2008 at the height of the financial crisis.
The ruble was relatively steady early on March 5 against the dollar and euro, but Russian stocks fell amid investor nervousness about the Ukraine crisis.
In early morning trading, the ruble-denominated MICEX index was down 1 percent, with the dollar-denominated RTS down 1.1 percent.
The Russian market's downward move on March 5 was in contrast to positive developments on other global markets.
The amount was much higher than what financial experts estimated and is said to be one of Russia’s largest foreign-currency interventions on record.
By comparison, the Central Bank spent $57 billion in December 2008 at the height of the financial crisis.
The ruble was relatively steady early on March 5 against the dollar and euro, but Russian stocks fell amid investor nervousness about the Ukraine crisis.
In early morning trading, the ruble-denominated MICEX index was down 1 percent, with the dollar-denominated RTS down 1.1 percent.
The Russian market's downward move on March 5 was in contrast to positive developments on other global markets.
