Central Bank abolished the dual currency corridor for the ruble
Central Bank of Russia canceled from November 10, the mechanism of the exchange rate policy, and now it will not count the permissible range of values for the value of the currency basket and carry out regular interventions at the boundaries of its range. This was reported on the site controller.
The new approach is that as long as there is a complete renunciation of foreign exchange intervention, they will be carried out in case of threats to financial stability. Now the exchange rate will be formed under the influence of market factors, and this, according to the regulator, should help improve the quality and effectiveness of monetary policy the Bank of Russia, as well as to ensure price stability. In the end, a new approach to the conduct of operations in the domestic foreign exchange market is to accelerate the adaptation of the economy to changes in the external environment, as well as to increase its resistance to negative shocks.
Previously, Bank of Russia used the ruble value of the currency basket (dollar’s share was 0.55 euros – 0.45) as the operational indicator. The boundaries of this interval is adjusted if the accumulated amount of currency interventions reached the set value – of $ 350 Mill.
Recall that on November 5 of the Central Bank has limited the amount of daily interventions – a maximum of $ 350 million a day, November 7 but has confirmed that it is ready to increase this amount if necessary to bring down the excessive demand for the currency.
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