The Moscow stock exchange has reopened for limited bond trading after being shuttered for three weeks following the start of Russia’s war in Ukraine.
The stock exchange was opened for a limited time on Monday, but only OFZ bonds, the Russian acronym for federal loan obligations, were able to be traded as the Russian central bank slowly attempts to reopen markets.
Andrei Braginsky, a spokesman for Moscow’s exchange, said he hopes that equities will begin to be traded on the exchange once again. The exchange was shuttered after the MOEX Russia Index plunged as much as 45% in trading the day after Russia began waging war in Europe.“Technically, everything is ready, and we are hoping this will resume in the near future,” said Braginsky.
The Russian central bank said on Friday that it intends to hold its main interest rate at the 20% level while simultaneously purchasing the OFZ bonds as a way of offsetting the massive volatility that has come with the conflict. Russia has been hit with unprecedented sanctions from the United States, Europe, and countries around the world because of the invasion.
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