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Russian Federation : Russia central bank changes intervention rules to increase rouble flexibility

June 17, 2014

Russia's central bank on Tuesday announced changes to the parameters of its rouble intervention policy that reaffirm its commitment to moving towards a freely-floating currency.

The bank said that from July 17 it has reduced the intervention threshold for moving the rouble's floating corridor against a dollar-euro basket to US$1 billion from US$1.5 billion.

It has also reduced the amount of daily interventions for reducing rouble volatility inside the corridor by US$100 million, and widened the range in the middle of the corridor where it carries out no interventions to 5.1 roubles from 3.1 roubles.

The bank said that the changes were aimed at increasing the rouble's flexibility and moving towards an inflation targeting regime, and reflect reduced volatility on the forex market and lower risks for financial stability. - Reuters

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Source: TendersInfo (India)

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