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Central Bank of Russia raises trading band of bi-currency basket

March 04, 2014, 14:58 UTC+3 MOSCOW
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MOSCOW, March 04. /ITAR-TASS/. The Central Bank of Russia on Monday, March 3, widened considerably the boundaries of the floating currency trading band by 35 kopecks against the dollar-euro currency basket (consists of $0.55 and €0.45), a bank official said on Tuesday, March 4. Traditionally, the regulator announces changes to the trading band the next working day after they are introduced.

According to the regulator, the present-day ruble trading band of the Central Bank is established at 35.75-42.75 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.

This is the first time in the current month, when the Bank of Russia widened the boundaries of its bi-currency basket. For comparison, in January, the authority raised the limits of the bi-currency basket corridor up 24 times by a total of 1.20 rubles. In February, the Bank made such decisions 17 times. As of January 1, 2014, the ruble trading bank of the Central Bank was established at 33.05-40.05 rubles.

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