Ruble approaches third month of stability

Posted On: May 19, 2011
The target range of Russia's monetary unit has not moved very much in nearly three months, Bloomberg reports.

When compared to the dollar-euro basket, the ruble was within the range from 32.45 to 37.45, Bank Rossii first deputy chairman Alexei Ulyukayev said on March 1. That range has minimally changed, he said Wednesday, but he left open the possibility of expanding it at some point later this year.

"We usually change it no more than twice a year," Ulyukayev told the news service. "We've done it once before, therefore there's a chance we'd do another widening in the course of the year."

Bank Rossii continues maintaining its interest in strengthening the exchange rate's flexibility, according to deputy chairman Sergei Shvetsov. The bank has a target range for which it aims.

The ruble settled at 33.4108 on Wednesday, a figure that is 0.2 percent stronger when held against the basket of currencies.

As one method of maintaining the strength and balance of the ruble, Rossii Bank sells and buys foreign currency. The basket serves to minimize currency swings.

Category: Industry News

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