Central Bank of Russia (CBR) chief Elvira Nabiullina announced on Friday that the bank has sold $5.5 billion worth of foreign currency since March 10. Nabiullina further noted that they don’t currently see the need to start selling gold from its reserves.
Regarding the policy outlook, Nabiullina said a rate cut by another 100 basis points in the near-term was possible and added that the GDP contraction in the second quarter could reach 8%.
Market reaction
The USD/RUB largely ignored these remarks and was last seen down 0.5% on the day at 74.3920.
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