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Central Bank of Russia widens trading band for 5 kopeks

January 29, 2014, 11:40 UTC+3
It is set at 33.70-40.70 rubles
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© ITAR-TASS/Sergei Bobylev

MOSCOW, January 29. /ITAR-TASS/. The Bank of Russia (CBR) January 28 has widened the floating bi-currency trading band for 5 kopeks (which consists of $0.55 and €0.45), CBR reported.

Thus, to date the limits of the trading band are established at 33.70-40.70 rubles.

The Bank of Russia uses the bi-currency basket to level the consequences of acute currency rate fluctuations. When the volume of accumulated support of CBR on one of the trading band limits reaches $350 million, the trading band is immediately shifted for 5 kopeks.

January 27, the Bank of Russia for the first time since October 2011 has widened the floating bi-currency trading band up for 15 kopeks. The limits were set at 33.65-40.65 rubles.


Ruble rate falls

The ruble rate is weakening, renewing minimums of 2009 towards the dollar, euro and the bi-currency market. The drop in rate occurs amid an almost daily widening upwards of the trading band and decline of global interest to currencies of developing economies in wait for a decision of US Federal Reserve System regarding measures of priming of the national economy, traders note.

During the previous week (January 20-24), the ruble rate to dollar dropped by 96 kopeks, and ruble-euro rate dropped by 160 kopeks, according to MICEX data.

The biggest drop of the ruble was registered on Thursday and Friday (January 23-24). January 23, the exchange rate of euro to ruble rose on MICEX by 81 kopeks to 46.77 rubles, renewing the maximum since February 2009, and on January 24 it covered the limit of 47 rubles and set a historical record of 47.36 rubles for €1.

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