Headquarters of Central Bank of Russia, Neglinnaya St., Moscow
Photo: Ivan Grankin
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CBR Widens Bi-Currency Corridor
The Central Bank of Russia (CBR) may widen by roughly 0.1 ruble the fluctuation corridor for bi-currency basket, PRIME-TASS reported with reference to a source close to the CBR.
CBR changes the bi-currency worth to redirect speculative operations of investors and to prevent speculative short-term inflow of foreign capital to the country, the source specified.
Till this year-end, the bank will stick to the policy of abrupt presence/absence on the market of foreign exchange to avoid being predictable for currency profiteers. The procedures for allowing the ruble to appreciate are mostly used to contain the inflation, the source said.
According to the source, Russia is likely to record the net capital outflow in the third quarter of 2008 due to the payments under Rosneft loan. CBR had forecasted the net capital inflow of roughly $40 billion in 2008, but the H1 inflow was zero.
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