The Central Bank of Russia has unveiled a series of measures – seven, to be exact – for “support the stability of the financial system”, challenged this week by the collapse of the ruble. These seven technical measures aim in particular to facilitate access to foreign currency and to protect banks from accounting losses that could weaken them.
The Issuing Institute, as the Economy Minister had already done yesterday, also said that it will work together with the Government to recapitalize some institutions during 2015. The Central Bank's intervention has given new life to the ruble and to the Moscow Stock Exchange . After spending most of the morning up about 10%, the Rts index it added further gains after the announcement of the new measures and is now up 17% from yesterday's close. The Micex index also went positive, rising by 2%. On the foreign exchange front, it dates back precisely to ruble which now trades at 77 against the euro and at 62 against the dollar.
