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Central Bank of Russia raises trading band of bi-currency basket by 10 kopecks

February 24, 2014, 15:40 UTC+3 MOSCOW
The present-day ruble trading band of the Central Bank is established at 35.00-42.00 rubles
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MOSCOW, February 24. /ITAR-TASS/. The Central Bank of Russia on Friday, February 21, widened the boundaries of the floating currency trading band by ten kopecks against the dollar-euro currency basket (consists of $0.55 and €0.45), a bank official said on Monday, February 24. Traditionally, the Bank of Russia announces changes to the trading band the next working day after they are introduced.

According to the authority, the present-day ruble trading band of the Central Bank is established at 35.00-42.00 rubles.

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.

The Bank of Russia has raised the currency basket boundaries already for the twelfth time in February. The regulator moved the limits of the bi-currency basket corridor up 24 times in January 2014 by a total of 1.20 rubles from 33.05-40.05 as of January 1, 2014.

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