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Russia’s central bank, Bank Rossii bought $700 million of foreign currency to cap ruble gains
By Elizabeth Haggar for CEOWORLD Magazine Updated:October 6, 2009
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Russia’s central bank probably bought $700 million of foreign currency on the market today as policy makers move to cap ruble gains, analysts said, citing trading flows.
Bank Rossii intervened as the Russian currency touched 36.20 against the target dollar-euro basket, Kirill Grishanov, head of foreign-currency trading at ZAO Promsvyazbank, Russia’s third-biggest private lender, said in a phone interview today. The interventions may have reached about $700 million today, said Evgeniy Nadorshin, an economist in Moscow at Trust Investment Bank.
The regulator is “so far not buying” at the 36.15 level, Grishanov said. Since August, Bank Rossii has moved the corridor within which it intervenes by 5 kopeks for each $700 million it spends. The central bank doesn’t comment on daily or weekly interventions as a matter of policy, Bloomberg reported.
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