The Bank of Russia unveiled its first emergency measures in an attempt to stabilize the financial market, the bank's press service reported.
The central bank said it will intervene in the foreign exchange market for the first time in years and expand its Lombard list of securities accepted as collateral, according to a statement. The regulator made no mention of raising interest rates but said it will provide additional liquidity to banks by offering 1 trillion rubles ($11.5 billion) in an overnight repo auction.
Bank of Russia Governor Elvira Nabiullina has already raised rates by 525 basis points since March in an attempt to curb inflation.
