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CORRECTED-Russia changes intervention rules to increase rouble flexibility
June 17, 2014 / 6:27 AM / 3 years ago

CORRECTED-Russia changes intervention rules to increase rouble flexibility

(Corrects second paragraph to say from June 17 not July 17)

MOSCOW, June 17 (Reuters) - Russia’s central bank on Tuesday announced changes to the parameters of its rouble intervention policy that reaffirm its commitment to moving towards a freely-floating currency.

The bank said that from June 17 it has reduced the intervention threshold for moving the rouble’s floating corridor against a dollar-euro basket to $1 billion from $1.5 billion.

It has also reduced the amount of daily interventions for reducing rouble volatility inside the corridor by $100 million, and widened the range in the middle of the corridor where it carries out no interventions to 5.1 roubles from 3.1 roubles.

The bank said that the changes were aimed at increasing the rouble’s flexibility and moving towards an inflation targeting regime, and reflect reduced volatility on the forex market and lower risks for financial stability. (Reporting by Oksana Kobzeva and Jason Bush; Editing by Lidia Kelly)

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