Kremlin offers condolences to Moscow storm victimsRussian Politics & Diplomacy May 30, 14:22
Lavrov slams Macron's 'media propaganda' remarks as post-Obama policy aftereffectRussian Politics & Diplomacy May 30, 14:14
Russia to launch Proton-M carrier rocket with US communications satelliteScience & Space May 30, 13:25
Moscow concerned over US threats against Syria’s armed forcesRussian Politics & Diplomacy May 30, 13:08
Moscow blames Kiev for sabotaging Minsk peace dealRussian Politics & Diplomacy May 30, 13:03
Press review: Gazprom returns to Iran and airline security tops talks in CairoPress Review May 30, 13:00
Serbian PM says no plans to join NATOWorld May 30, 12:34
Russian diplomat says G7 ‘infected with hubris’ clouding group’s judgementRussian Politics & Diplomacy May 30, 12:14
Moscow concerned over no breakthrough in US administration’s relations with RussiaRussian Politics & Diplomacy May 30, 11:41
GORKI, June 2 (Itar-Tass) —— The Russian Central Bank will stick to the effective floating currency band policy, Central Bank Chairman Sergei Ignatyev said.
The currency band ranges from 32.15 to 38.15 roubles to a bi-currency basket.
Ignatyev said that the rouble might continue to fall further if oil prices keep going down, but not as fast as it has over the past several weeks.
“If the price if oil stops falling, the rouble will most likely strengthen. If the price of oil continues to fall, the rouble will grow weaker, even though not necessarily, but slower than before because we will use currency interventions much more actively,” Ignatyev said
The bank is already responding to the situation. “The bi-currency basket has come closer to the ceiling, i.e., it has come into the area where we actively use currency interventions. We tried 200 million U.S. dollars yesterday, and the situation is generally under control,” he said.
He believes that the main reason for the rapid fall of the rouble is the deterioration of the economic crisis in Europe, a resulting drop in prices for resources, including, oil, and expectations of negative trends in Russia’s balance of payments.