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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

Friday, Aug. 1


Bikers from all around the world will gather to take part in a parade, extreme shows and rock concerts during the International Biker Festival that revs its engines today and runs through Aug. 3 near Olgino Hotel, 4/2 Primorskogo Shosse.


The Peter and Paul Fortress will be turned into an open-air cinema today and tomorrow as part of the 5th International Short and Animation Film Festival. A huge screen across the fortress walls will air short films non-stop with board games, photo sessions and other activities also on offer for visitors. For more information, visit www.opencinemafest.ru



Saturday, Aug. 2


Gatchina Palace Park Museum will host its second annual Night of Light, an impressive audio-visual show across the night sky. Tickets are 600 rubles ($16).


If graphic design is more your thing then check out Illustration Day, where you will be able to visit an exhibition, attend lectures by professionals and even show experts some of your own work. The event starts at noon at Zona Deystvia, 73 Ligovsky Prospekt. The entrance fee is 350 rubles ($10).



Sunday, Aug. 3


History lovers shouldn’t miss the chance to see reenactments of World War I battles in Pushkin at noon. Besides exciting war scenes, visitors can enjoy live music, historical costumes, an equestrian show and a fancy-dress parade starting from the Moscow gates.


Garage Sale, the popular and growing flea market where nothing is priced over 500 rubles ($14.11), starts today at noon in Loft-Project Etagi, 74 Ligovsky Prospekt. Be sure to get in early to score a bargain. Entry costs 50 rubles ($1.40)



Monday, Aug. 4


Continue the working week with a calm and steady mind with a free yoga lesson at 7 p.m. in the Bukvoyed store at 23A Vladimirsky Prospekt.



Tuesday, Aug. 5


Visit The Romanov Dynasty doll exhibition today, where more than fifty porcelain dolls depicting Russian rulers, and made by Olina Ventzel, will be on show. The exhibition continues through Aug. 31 in Sheremetyev Palace, 34 Fontanka Naberezhnaya.



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