Russian Central Bank Halts Currency Buying Until 2025 As Ruble Slides

The Russian Central Bank announced it will suspend its foreign currency buying program until 2025, a move that has sent the ruble tumbling against major currencies.

Suspension of Currency Buying

In a statement released Monday, the Russian Central Bank said it would "temporarily suspend" its foreign currency buying program, which was aimed at supporting the ruble. The bank said the decision was made due to "significant changes in external conditions" and "increased uncertainty regarding the Russian economy.

Impact on the Ruble

The announcement has sent the ruble plummeting against major currencies. As of Tuesday, the ruble had lost over 10% of its value against the US dollar and the euro.

Expert Opinions

"This is a significant development that could have a major impact on the Russian economy," said Alexei Kudrin, a former Russian finance minister. "The suspension of the currency buying program will likely put downward pressure on the ruble and increase inflation."

Outlook

Analysts say it is unclear what the long-term impact of the suspended currency buying program will be on the Russian economy.