Russia will increase foreign currency sales 830% as deadline for Eurobond repayment nears

• Russia's central bank said it will increase its foreign currency sales by 830% later this month.
• The sales will help Russia repay a $3 billion Eurobond that is due on September 16.
• The offloaded foreign currency will also help calm ruble volatility, the central bank said.

Russia's central bank is planning to significantly accelerate foreign currencies sales to help repay a Eurobond that is coming due next week.

Between September 14 and 22, the Bank of Russia will sell 21.4 billion rubles worth of foreign currency a day into the domestic market, up 830% from a planned 2.3 billion. This will total 150 billion rubles worth of foreign currency, or $1.5 billion.