Central Bank reduces size of currency basket interventions to $350 mln
MOSCOW. Dec 10 (Interfax) - The Central Bank of Russia has reduced the cumulative volume of forex interventions that shift the operational band's boundaries by 5 kopecks to $350 million from $400 million, the Central Bank said on its website.
"This adjustment was made to ensure further increase of the ruble exchange rate flexibility in the context of the ongoing transition towards the floating exchange rate by 2015," the statement says.
"Ceteris paribus [other things being equal], the implemented modification would reduce the scale of the Bank of Russia presence on the FX market, which would enhance the effectiveness of interest rate policy," the Central Bank said.
On September 7, the Central Bank reduced the cumulative volume of forex interventions leading to movement in the operational band to $400 million from $450 million.