CBR to expand temporary time span for calculating official exchange rates through 4:30 p.m

MOSCOW. March 14 (Interfax) - The Central Bank of Russia (CBR) will expand the temporary time span for calculating the ruble's official exchange rate against the U.S. dollar in order to increase the representativeness of the dollar's exchange rate against the ruble amid the heightened volatility on the forex market, as well as simplify the procedure for setting the ruble's official exchange rate against the euro, the CBR said on its website.

The draft order to this effect has been submitted to the Justice Ministry for registration and it will go into effect on the day of its official publication.

Under the order, the CBR will set the official exchange rate for the dollar based on data from the Moscow Exchange on the weighted average dollar/ruble rate in transactions carried out from 10:00 a.m. to 4:30 p.m. Moscow time. The current period for calculation is 10:00 a.m. to 11:30 a.m. Expanding the time span for calculating the rate will make it possible to factor in a larger number of transactions in the course of the day.

In addition, the euro's official exchange rate against the ruble will be set the same way as the official rates for other foreign currencies against the ruble. This will simplify the procedure for setting and publishing official rates, the CBR said.

According to the current procedure for setting the official rates of foreign currencies to the ruble by the CBR, they are calculated on the basis of the ratio of the official U.S. dollar to ruble exchange rate, determined by the results of trading on the Moscow Exchange from 10:00 to 11:30 Moscow time, and the dollar exchange rates to the respective foreign currencies at 11:30 Moscow time.

The exchange rates of the dollar relative to foreign currencies are determined depending on the availability of information either on the prices of foreign currencies relative to the U.S. dollar in the Thomson Reuters or Bloomberg systems, or the official exchange rates set and posted on the official sites of central banks that issue currencies.

The CBR now intends to move the time of calculation of rates of all currencies against the ruble to 16:30 Moscow time.