Currency Exchange Corridor Shifted Up 5 Kopecks

By The Moscow Times

Dec. 12, 2013

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.

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