The Central Bank has cut the share of the U.S. dollar in the two-currency basket from 60 to 55 percent, leaving 45 percent for the euro.
Photo: Pavel Smertin
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Central Bank Boosts Ruble
The Bank of Russia on Thursday has boosted the ruble against the U.S. dollar-euro currency basket by 9 kopecks, 0.3 percent up, contrary to all expectations. The balance in the two-currency basket was changed at the end of the trading day – 55 percent of the U.S. dollar and 45 percent of the euro. Economists believe that Russian banking officials are gradually changing the model of the country's currency and monetary policy.
The Russian ruble closed at MICEX 13.7 kopecks up, to 26.365 rubles against $1, and 15.45 kopecks up, to 34.28 rubles for ˆ1. The Central Bank set the official exchange rates for the two currencies 9 kopecks up, thus revaluing ruble by 0.3 percent.
The Central Bank has also changed the ratio in the two-currency basket, cutting the share of the U.S. dollar from 60 to 55 percent, leaving 45 percent for the euro. The Bank’s deputy chairman Konstantin Korishchenko accounted it for “upcoming changes in the balance of Russia’s foreign trade turnover”.
Most analysts and market watchers did not expect the Central Bank to strengthen ruble in the next few months after favorable economic data had been released, showing inflation as low as 1.7 percent this January, compared to 2.4 percent last January. Some experts note that this strengthening of the ruble falls in line with the new “inflation targeting” policy, announced by Central Bank Deputy Chairman Alexey Ulyukaev late January.
www.kommersant.com
All the Article in Russian as of Feb. 09, 2007
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