By Andrei Skvarsky.
The Russian Central Bank last month carried through its first currency intervention since November 2012 in propping up the weakening ruble.
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April’s sales of $663m and 45.05m euros had been the regulator’s biggest foreign currency sales since July last year, Russian business daily Vedomosti said.
The intervention apparently helped somewhat – while the ruble edged down to 31.88 from 31.06 to the dollar and to 41.52 from 39.79 to the euro during the first half of April, it climbed to 31.82 per dollar and to 40.36 per euro by the end of the month.
Declining oil prices, global economic uncertainty, investment climate problems in Russia with risk aversion among investors, and decelerating economic growth in Russia with fears of recession were the main causes of the ruble’s woes in April, according to analysts cited by Vedomosti.
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