Russian cbank abandons unlimited currency interventions

MOSCOW, Nov 5 (PRIME) -- Russia’s central bank has abandoned unlimited foreign currency interventions from Wednesday and will now sell only U.S. $350 million per day if the dual-currency basket falls to the low border of its corridor, the regulator said in a statement.

The rule of increasing the dual-currency corridor by 5 kopecks after the currency interventions reach $350 million is kept unchanged. The amendments to the policy are done to increase flexibility of the ruble and to balance supply and demand on the currency market, the bank said.

However, if threats to financial stability emerge, the regulator will be ready to hold additional foreign currency interventions, the bank added.

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