The Bank of Russia introduced a new procedure for calculating the official exchange rate of euro/ruble, I mentioned On the regulatory body’s website.
Now the Euro exchange rate will be calculated on the basis of the USD/RUB exchange rate and the ECB EUR/USD exchange rate as of 15:30 Moscow time on the current working day.
The Central Bank explained this change by “a decrease in the turnover of the ruble/euro currency pair in the domestic foreign exchange market.”
Head of the Gazprombank Strategy Development Center Igor Sosin in a comment to RBC He explainedThe transition to a new calculation method is necessary to eliminate the influence of internal factors, such as low liquidity, on the official euro exchange rate.
“We have seen, especially in recent days, when the official euro exchange rate is either plus 3 rubles or minus 3 rubles. The rate fluctuates significantly because, in fact, there are very few interbank transactions on the basis of which the rate can be formed. Even some small individual operations can greatly distort it. According to the new method of calculation, the official exchange rate of the Central Bank will depend only on the world euro-dollar exchange rate: that is, if the euro falls, then, of course, this story will be reflected in our country,” he said. His expression.
In June 2024, the Bank of Russia switched to a new methodology for calculating the official dollar and euro exchange rates against the ruble. This happened after the United States imposed sanctions on the Moscow Stock Exchange, the National Clearing Center and the National Settlement Depository. In this regard, the Central Bank began setting the exchange rates of the dollar and the euro against the ruble based on data of bank reports on transactions in the over-the-counter foreign exchange market as of 15:30 Moscow time on the current working day.