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Stock exchange in Moscow will remain closed all week

Photo: ANP

The stock exchange in Moscow will not open this week. Only foreign exchange trading will continue for the time being, the Russian central bank has announced. Due to all the turmoil in the Russian financial markets due to the war in Ukraine, the stock market also remained closed on Monday.

Last weekend, new and tough sanctions were imposed by the West against Russia. For example, certain Russian banks are closed off from the international payment system SWIFT and assets of the Russian central bank are frozen. Moscow, in turn, has banned the sale of Russian shares by foreigners.

The Russian ruble has fallen into a nosedive due to all the unrest. The currency fell nearly 25 percent against the dollar and the euro on Monday. To counteract further depreciation and higher inflation, the Russian central bank has raised the key interest rate from 9.5 percent to 20 percent.

On Thursday, as Russia’s invasion of Ukraine began, Moscow’s RTS index plunged more than 38 percent. As a result, more than $200 billion in stock market value in Moscow was lost. On Friday, the RTS index showed a strong recovery with a plus of more than 26 percent.



Stock exchange in Moscow will remain closed all week
Source link Stock exchange in Moscow will remain closed all week

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