SHAFAQNA TURKEY- According to news reported by Bloomberg HT; Sources close to the topic asked the Central Bank of the Russian Federation to raise the interest rate on forward contracts in dollars from 30 to 40 percent.
“Do not sell dollars below 19.05”
The sources also demanded that the CBRT not sell US dollars below 19.05 to private clients and not sell foreign exchange forward contracts to individual clients.
After the earthquake, the authorities stepped up measures to curb demand for dollars and gold.
With inflation peaking at 85 percent last year, officials have focused on keeping the lira as stable as possible. While the lira lost 30 percent against the dollar last year, this year the loss is less than 1 percent.
To mitigate the effects of the earthquake, following the decision to temporarily suspend gold imports for commodities (forward), the CBR asked banks to set a minimum spread when selling gold to their domestic customers.
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