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Russian Central Bank Widens Ruble Band, Maintains Interventions

Published: April 14, 2014 (Issue # 1805)




  • Photo: A. Makhonin / Vedomosti

The Bank of Russia has announced it will keep the volume of accumulated interventions at $1.5 billion, while shifting the ruble trading corridor by 5 kopecks, according to the bank's website.

The Central Bank uses a euro-dollar basket as an operational benchmark for its exchange rate policy. Its range of permissible values are given in a floating corridor, with limits automatically adjusted when a certain volume of accumulated interventions is reached.

Under the conditions of domestic market volatility caused by the tensions around Ukraine, the Central Bank shifted to a daily determination of exchange rate policy.

Earlier this week, a senior official at the World Bank said the Russian central bank had made the right decision to keep interventions high in the short term to prevent excessive volatility in the exchange rate.

"That was not a bad strategy to try to overcome that period instead of creating a lot of volatility in the currency," said Hans Timmer, the chief economist of the World Bank Europe and Central Asia.

Starting March 3, accumulated interventions increased to $1.5 billion from $350 million as of the end of February, with other parameters remaining unchanged.





 


ALL ABOUT TOWN

Thursday, Dec. 25


Make this Christmas a slam-dunk and check out the Zenit St. Petersburg basketball club as they take on Nizhny Novgorod this evening at the Sibur Arena on Krestovsky Ostrov at 8 p.m. Tickets are still available on the club’s website for as little as 200 rubles ($3.30).


Spend your yuletide with Oleg Basilashvili this evening at the Concert Hall at 13/1 Arsenalnaya Naberezhnaya . The legendary film and stage actor will chat with fans, tell stories and share memories of an extensive career that has earned him acclaim throughout Russia.



Friday, Dec. 26


Celebrate Boxing Day by playing various tabletop games during the British Book Center’s Board Game Evening tonight at 5 p.m. Spread the Christmas cheer and goodwill by making other people regret their decision to come and try to match their intellectual prowess against yours.



Saturday, Dec. 27


Indulge cultural and material needs simultaneously during the free classical music concert at the Galeria shopping mall in the heart of the city. Starting at 7 p.m., shoppers and mallwalkers will be able to hear the sounds of Tchaikovsky and Strauss softly lilt over the constant buzz of people bustling from store to store, trying to get their shopping done before New Year.



Sunday, Dec. 28


Prepare for the holidays at the Russian Winter New Year’s Fair on Moskovskaya Ploshchad, which concludes today after starting on Dec. 22. Games and attractions as well as numerous performances will be on offer for those looking to get into the spirit while numerous vendors will help make sure you have something for everyone on your list.



Monday, Dec. 29


Learn how the Swedes observe Christmas, or Jul, in their land of ice and snow, during aSwedish Christmas celebration at the Lermontov Children’s Library this afternoon at 4 p.m. Activities explaining and demonstrating Sweden’s cultural traditions will be accompanied by traditional dishes and sweets.



Tuesday, Dec. 30


Today is the final day of the Christmas Market at the Europolis shopping center on Polyustrovsky prospekt. Indulge your holiday sweet tooth by tucking into some gingerbread men, or attend one of the master classes that will teach you about how to make beautiful, festive decorations for your tree using only your hands.



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