The Central Bank has shifted its target exchange-rate corridor for the ruble by five kopecks for the third time this month, following market interventions to curb the pace of the currency's decline.
The new corridor extends from 32.85 to 39.85 rubles to the dollar-euro currency basket as of Dec. 11, compared to 32.80 to 39.80 previously.
Under its managed float, the Central Bank increases its interventions as the ruble approaches the boundary of the corridor. Once an intervention allotment of $350 million is exhausted, it automatically shifts the corridor.
The ruble was trading at 38.32 against the basket on Thursday evening.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
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 every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
