Russian Central Bank Shifts Boundaries of Floating Ruble by 40 Kopeks

By Reuters

Oct. 24, 2014

Russia's Central Bank said Friday that it had shifted the ruble's trading band by 40 kopeks a day earlier, the largest daily shift in the ruble's trading band so far this year, following market interventions to curb the pace of currency's decline.

As of Oct. 23, the ruble's new floating corridor extended from 37.70 to 46.70 against a dollar-euro basket, compared with 37.30 to 46.30 previously.

Russia intends to continue moves to a floating exchange rate and will not "burn" through its foreign exchange reserves, President Vladimir Putin said Friday.

"We will gradually move to a floating exchange rate. We will not burn our reserves thoughtlessly. We will use them for a certain balancing," Putin told a meeting with Russian and foreign experts on Russia.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue