Invasion of Ukraine prompts Russia’s central bank undertake emergency measures, including foreign exchange market intervention.
A day after saying it would take all necessary measures to maintain financial stability, Russia’s central bank is doing just that.
The Bank of Russia said that in order to stabilize the situation in the financial market, it «has decided to start interventions in the foreign exchange market, extend the Lombard List, and provide the banking sector with extra liquidity today,» in a statement issued Thursday.
The Lombard List
Refinancing to banks is one of the main monetary policy instruments the bank uses to fulfill its monetary policy goals, and by putting securities on the Lombard List, the Bank of Russia seeks to achieve them. The Lombard List includes the securities the regulator is ready to accept as collateral backing credit institutions’ refinancing operations.
The Bank of Russia will use all necessary instruments to maintain the financial stability and business continuity of financial institutions. The Bank of Russia and financial institutions have specific action plans for any developments.
Swiss National Bank
The Swiss National Bank declined to comment on the measures when contacted by finews.com.
