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Friday, November 16, 2018

Shifts ruble corridor shifted by Russian central bank

For the sixth time in November, Russia recently shifted its target exchange-rate corridor for the ruble by five kopecks.

The central bank made the announcement on Wednesday, following market interventions to curb the pace of the currency's decline, Business Recorder reports.

As of November 26, the new corridor extends from 32.65-39.65 rubles to the dollar-euro currency basket, compared with 32.60-39.60 previously.

The central bank has increased its interventions under its managed float as the ruble approaches the boundary of the corridor.

The corridor will automatically shift once an intervention allotment of $400 million is exhausted, according to Business Recorder.