Bank of Russia to limit currency swaps to stabilize Ruble

Bank of Russia to limit currency swaps to stabilize Ruble

Bank of Russia to limit currency swaps to stabilize Ruble

The FINANCIAL -- The Bank of Russia said it decided to retain the limit on currency swaps in an effort to stabilize the ruble after the currency hit a record low against the dollar, according to Borsa Italiana Spa.

The maximum allotment amount is set at 2 billion dollars a day, effective from December 1 until December 14.

On Friday, the ruble reached an all-time low of 49.90 rubles against the dollar, after the Organization of the Petroleum Exporting Countries (OPEC) decided on Thursday to keep its production ceiling at 30 million barrels a day, according to Borsa Italiana Spa.