Russia’s central bank suspended its FX purchases in the domestic market for the rest of 2023. This initiative comes in response to the ruble’s sharp decline towards 100 per USD, marking its lowest point in the past 16 months. This halt falls under the budget rule, aimed at safeguarding the economy from volatile commodity prices. Despite this suspension, the bank plans to maintain its FX sales, aligning with the National Wellbeing Fund’s resources. The ruble has depreciated roughly 24% against the USD YTD, positioning it among the worst-performing emerging market currencies.