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Central Bank of Russia continues raising trading band of bi-currency basket

March 18, 2014, 17:02 UTC+3 MOSCOW
Therefore, the Bank of Russia has taken the step to widen the boundaries of its bi-currency basket for the sixth time since the beginning of the current month
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© ITAR-TASS/Sergei Bobylev

MOSCOW, March 18. /ITAR-TASS/. The Central Bank of Russia on Monday, March 17, widened the boundaries of the floating currency trading band by five kopecks against the dollar-euro currency basket (consists of $0.55 and €0.45), a bank official said on Tuesday, March 18. Traditionally, the regulator 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 36.15-43.15 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.

Therefore, the Bank of Russia has taken the step to widen the boundaries of its bi-currency basket for the sixth time since the beginning of the current month. 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 the decisions to the effect 17 times. As of January 1, 2014, the ruble trading band of the Central Bank was established at 33.05-40.05 rubles.

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