Kamaz to supply at least 1,000 trucks to Philippines by 2020Business & Economy May 29, 21:49
Moscow ready to offer clarifications over incident with Montenegrin MPRussian Politics & Diplomacy May 29, 21:09
Moscow mayor says Monday's hurricane in Moscow 'unprecedented'Society & Culture May 29, 20:56
Moldovan president slams government’s decision to expel Russian diplomatsWorld May 29, 20:52
Macron lashes out at Russian news agency Sputnik, RT channel over campaign coverageWorld May 29, 20:11
Macron says no international problem can be solved without RussiaWorld May 29, 19:51
Putin: Russian and French fundamental interests come firstRussian Politics & Diplomacy May 29, 19:34
Hollywood director highlights his esteem for Russia’s presidentSociety & Culture May 29, 19:18
Death toll following Moscow thunderstorms rises to 11World May 29, 19:02
MOSCOW, November 10. /TASS/. The Central Bank of Russia has abandoned since November 10 the ruble’s trading corridor limits and its regular interventions on the domestic foreign currency market, according to the regulator’s new exchange rate policy parameters released on Monday.
The Russian Central Bank has therefore switched to a freely floating ruble two months ahead of the scheduled time.
“From November 10, 2014, the Bank of Russia has abolished the existing exchange rate policy mechanism, abandoning the interval of permissible fluctuations for the value of the bi-currency (dollar-euro) basket and regular interventions at the boundaries of this interval and outside it,” the regulator said in a statement.
The Central Bank’s new approach to operations on the domestic foreign exchange market does not imply that the regulator fully gives up foreign currency interventions and such interventions are possible in case of the emergence of threats to financial stability, the statement said.
Central Bank Chairwoman Elvira Nabiullina said in an interview with Rossiya-24 TV Channel on Monday that the regulator had earlier limited the volume of its intra-day foreign currency interventions to $350 million.
“The Central Bank of Russia has made a decision to abandon regular foreign currency interventions, namely, the sale of $350 million per day, if the ruble exchange rate stays below the level defined by the rules,” Nabiullina said.
The Central Bank of Russia announced on October 31 and November 5 about a package decision on raising the key rate by 150 basis points, limiting foreign currency interventions to $350 million a day and holding 12-month foreign exchange repo auctions.
The Central Bank’s package decision increased volatility on the domestic foreign exchange market where market players perceived it as a transition to a freely floating rate.