Russian Central Bank to complete transition to floating exchange rate by 2015
MOSCOW. Sept 13 (Interfax) - The Central Bank of Russia plans to complete the transition to a floating exchange rate by 2015.
"The Bank of Russia will further increase the exchange rate flexibility and intends to complete the transition to a floating exchange rate regime by 2015. This will allow it to avoid the possible conflict of monetary policy goals," the Central Bank said in its Guidelines for the Single State Monetary Policy in 2014 and for 2015 and 2016.
Ksenia Yudayeva, Central Bank first deputy head, told a press conference later that the Central Bank did not envisage it would be conducting regular forex interventions by 2015. But she did not rule out the Central Bank lowering the volume of interventions that trigger shifts in the bi-currency corridor again before this year is out.
The Central Bank on September 9 lowered by $50 million to $400 million the volume of interventions required to trigger a 5-kopeck shift in its target exchange-rate corridor.