Central Bank of Russia.Figure: Flip through the Facebook of the Central Bank of Russia
Russia’s invasion of Ukraine triggered economic sanctions by many countries. The United States, Canada and the European Union agreed to cut off major Russian banks from the SWIFT international settlement system. The Russian ruble fell to a record low today (28) days following a 3-hour delay in the opening of the market. Russia’s central bank, the Bank of Russia, later announced that the Moscow Exchange suspends stock trading throughout the day today.
The Russian ruble lost a third of its value in overseas markets today, and hit a record low of 109 rubles once morest the dollar on the Moscow Exchange. The Moscow Exchange’s foreign exchange trading was delayed today, and the quotations were updated slowly and fluctuated at the beginning of the session. Traders warned that low liquidity would make it difficult to match transactions. ATMs in many Russian cities have seen long queues of people rushing to collect cash. Sberbank, which is owned by Russia’s state-owned Sberbank, said it had “experienced a large outflow of deposits in a very short period of time”.
The Central Bank of Russia announced at 1 p.m. local time (6 p.m. Taiwan time) that stock trading on the Moscow Exchange was suspended throughout the day today. As for tomorrow’s trading hours will be announced tomorrow morning. The ruble fell to as low as 119.50 per dollar, down 30 percent from Friday’s close, following the Central Bank of Russia ordered a halt to foreigners selling Russian securities to curb the market impact.
According to the latest statistics from the Financial Supervisory Commission, my country’s three financial industries plus Chinese people’s fund exposure amounted to 217.9 billion yuan, with the insurance industry investing the highest at 138.2 billion yuan. According to the statistics at the end of the third quarter, the top five financial holdings holding Russian bonds are Cathay Pacific Gold holding the most with NT$28.2 billion, followed by Shin Kong Gold with 25.6 billion, Fubon Financial Holding with 17.8 billion, and Kaifa Gold with 17.8 billion. 14.7 billion yuan, and CITIC Gold 8.6 billion yuan, totaling nearly NT$100 billion.
