Foreign Exchange in Finland Stops Recognizing Rubles for Trade

Baku. 18 December. REPORT.AZ/ The rapid decline in the ruble’s FX rate has prompted Forex Finland to stop buying Russia’s national currency from new customers for an indefinite period of time.

Harri Andersson, director of Forex Finland, commented on the decision, having said that the main reasons behind the move are a high level of uncertainty and fluctuations over 20% in the ruble’s FX rate.

Forex Finland said it would conduct operations in Russia’s currency with its already existing customers. The decision was made and enforced Tuesday. The bank’s measure might be an attempt to fend off currency speculators and to prevent the collateral effects of Russia’s spillovers in other currencies, informs Report citing Sputnik News.

The ruble’s FX rate plummeted 15% this week only. Russia’s currency has lost over 50% its value this year.