The Central Bank of Russia has announced on Monday that it is changing the procedure of calculating and publishing the official foreign exchange rates. The change comes as the value of the ruble against the US dollar has plummeted over the past few weeks.
The Russian monetary regulator has addressed the elevated volatility in the foreign exchange market by increasing the representativeness of the US dollar exchange rate against the ruble. The Russian central bank will expand the time frame for calculating the official USD/RUB exchange rate and will simplify the procedure for setting the official EUR/RUB exchange rate.
The draft for the instruction has been forwarded to the Ministry of Justice for registration, the bank stated. The document is set to come into force from the date of official publication
According to the official document, the Bank of Russia will set the dollar exchange rate based on the Moscow Exchange data on the weighted average USD/RUB exchange rate for transactions concluded from 10:00 to 16:30 Moscow time. The calculation period previously was 10:00-11:30 MSK.
The central bank said that the extension of the time range for the calculation of the rates will allow it to process a larger number of transactions during the day.