The Central Bank of the Russian Federation is preparing to cancel exchange trades in the dollar and
The Central Bank of the Russian Federation is discussing the mechanism for the formation of the US dollar exchange rate, if exchange trading with it is stopped. A few months ago, a working meeting was held where this issue was considered. It was attended by commercial banks and representatives of relevant departments.
The Central Bank of the Russian Federation is preparing for possible sanctions
The Central Bank is preparing for the fact that new sanctions may soon be imposed against the Moscow Stock Exchange and the National Clearing Center. In this case, customer funds in the NCC will be frozen. There will be no more dollar and euro trading on the Moscow Stock Exchange. The NCC does not have many of its own finances, but at least $40 billion in client funds. All of them are now in foreign banks. If sanctions are imposed, they will also be frozen in addition to those 300 billion dollars of Central Bank reserves.
Representatives of the Central Bank confirmed the fact of the meeting, but decided not to specify the details.
Recall that at the end of June, the first deputy of the Central Bank of the Russian Federation V. Chistyukhin at a forum in St. Petersburg advised market participants to reduce currency positions in the NCC due to the risk of sanctions against it.
What will happen then in the market if sanctions are still imposed
According to market participants, in this case, the exchange rate of the dollar will finally disappear. At the same time, exports and imports will remain. The Central Bank is not going to take over the function of determining the exchange rate. If sanctions are imposed, then an over-the-counter platform will be created. Banks will show their quotes on it. The rate will be determined based on the quotes of the 10 largest banks. While the algorithm for determining the course is being developed.
According to some brokers, several banks have already received the scheme-payment mechanism. The NCC will become a platform for the circulation of currencies of those states that have not imposed sanctions against the Russian Federation. Payments will be made exclusively in rubles. The Chinese yuan will act as a substitute for the dollar. It will be the most liquid asset in the currency section of the NCC.
However, it is impossible to exclude the possibility that sanctions will not be imposed, but the Central Bank is preparing for all possible scenarios.
https://coin-signal.com/cryptonews/the-central-bank-of-the-russian-federation-is-preparing-to-cancel-exchange-trades-in-the-dollar-and-euro/
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