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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, Oct. 2


The celebration of the bicentennial of the birth of Mikhail Lermontov continues with todays free exhibition in the citys Lermontov Library at 19 Liteiny Prospekt. Titled Under the Rustling Wings, the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontovs play The Masquerade, which he wrote in 1835 when he was only 21 years old.



Friday, Oct. 3


Learn more about how to manage and evaluate employee performance during SPIBAs Human Resources Committee meeting this morning on Employee Assessment: Global and Local Trends. Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing office@spiba.ru or calling 325 9091.


AmChams Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.



Saturday, Oct. 4


Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spas Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.



Sunday, Oct. 5


Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the citys cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.



Monday, Oct. 6


SKA St. Petersburg, the citys KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the clubs website or in person at either the arenas box office or the clubs merchandise store on Nevsky Prospekt.



Tuesday, Oct. 7


Learn more about Russias energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russias largest economic sector.



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