Russia set the daily limit for currency swap operations with the central bank at 5 billion roubles ($162 million) on Tuesday, the same as in the previous trading session.
A currency swap is a foreign exchange agreement between two parties to exchange principal and fixed rate interest payments on a loan in one currency for principal and fixed rate interest payments on an equal (regarding net present value) loan in another currency. Currency swaps are motivated by comparative advantage.
Limits on how much foreign currency banks can swap for roubles in the central bank were introduced from Oct. 20 in a bid to hinder currency speculators. Operations which do not involve the central bank are unaffected, according to Reuters' report. ($1=30.86 Rouble)
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