Dollar and euro exchange rates will be set based on over-the-counter market data in Russia

The Central Bank of Russia, from June 13, 2024, sets the official exchange rates of the dollar and euro to the ruble based on bank reporting data on the results of transactions on the over-the-counter foreign exchange market, the regulator said in a statement.

The message noted that “From June 13, 2024, the Bank of Russia sets the official exchange rates of the US dollar and euro to the Russian ruble based on reporting data from credit institutions based on the results of concluded interbank conversion transactions on the over-the-counter foreign exchange market as of 15:30 Moscow time on the current business day.”

The regulator notes that Directive No. 6290-U, dated October 3, 2022, provides backup approaches to calculating official exchange rates in case of a lack of foreign exchange trading on the Moscow Exchange. Since the instruction came into force, the Bank of Russia has calculated foreign currency exchange rates daily based on all approaches provided, including over-the-counter information based on reporting data from credit institutions.

“These calculations showed insignificant deviations of the US dollar and euro rates, calculated based on over-the-counter data, from the official US dollar and euro rates established by the Bank of Russia for the corresponding days. The average deviation from 01/01/2023 to 06/11/2024 for the US dollar was 0.01%, for the euro - 0.03%. This confirms that over-the-counter market data are representative for determining the current exchange rate of these currency pairs in the domestic foreign exchange market,” the Central Bank said in a statement.

Author: Sergey Nikolaev