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Central Bank does not update parameters of currency interventions – Bank deputy chairman

June 01, 2012, 20:10 UTC+3
The Central Bank of Russia did not updated the parameters of currency interventions
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MOSCOW, June 1 (Itar-Tass) —— The Central Bank of Russia did not updated the parameters of currency interventions, because did not consider the rouble volatility as serious, Bank Deputy Chairman Sergei Shvetsov told reporters on Friday.

In his words, the Central Bank’s established boundaries of the bi-currency basket remained at the unchanged level of 32.15-38.15 roubles.

While commenting on the recent-day’s drops of the Russian rouble exchange rate, Russian Finance Minister Anton Siluanov on Tuesday said that it would be wrong to speak about the rouble instability and worsening of the situation with the Russian national currency.

“De facto, the present-day rouble exchange rate does not exceed significantly the parameters of the corridor established by the Central Bank,” he said, adding, “Therefore, the current situation meets the possible scenario envisaged by the monetary and credit policy, which was mapped out by the Central Bank for this year, and which was adopted by the government.”

“It would be wrong to speak about any risks or worsening of the situation,” the minister stressed. “It is also impossible to speak about instability,” Siluanov said, explaining that the rouble rate is formed proceeding from the situation with the balance of payments, which takes into account both capital flows and current account flows, which are mainly linked with the trade balance. “Oil prices still continue decreasing and the capital outflow is too much,” he said.

“It [the rouble exchange rate] does not exceed the corridor parameters. It is at the average mark,” Siluanov said.

On Friday, the U.S. dollar exchange rate in the Tomorrow deals went up by 20 kopecks to 33.68 roubles per U.S. dollars, while the euro exchange rate grew by 23 kopecks to 41.56 roubles per euro.

As of 07.00 p.m. Moscow time, the cost of the bi-currency basket (0.55 dollar-0.45 euro) went up by 22 kopecks to 37.27 roubles.

The euro exchange rate hit the January maximum. Previously, the U.S. dollar exchange rate was higher than 33 roubles in spring 2009, when the Brent oil cost 65 U.S. dollars and the euro cost 1.41 U.S. dollars.

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