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Bank of Russia raises rouble trading band by 15 kopecks to RUB 33,65-40,65

January 28, 2014, 16:26 UTC+3 MOSCOW
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MOSCOW, January 28. /ITAR-TASS/. The Central Bank of Russia on Monday, January 27, widened the boundaries of the floating currency trading band by 15 kopecks against the dollar-euro currency basket (consists of $0.55 U.S. and €0.45), a bank official said on Tuesday, January 28.

According to the authority, the present-day ruble trading band of the Central Bank is established at 33.65-40.65 rubles. Thus, the Bank of Russia has widened the boundaries of the trading band by 15 kopecks for the first time since October 2011.

The Central Bank of Russia uses the bi-currency basket mechanism in order to edge consequences of acute fluctuations in the currency rates. The boundaries of the corridor are automatically revised by five kopecks when accumulated currency interventions reach $350 million.

However, during the trading session on the Moscow Interbank Currency Exchange (MICEX) the cost of the bi-currency basket increased by 33 kopecks and reached the point of 40.64 rubles, thus exceeding the upper boundary of the CBR currency corridor of 40.50 rubles by 15 kopecks.

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