Russia returns to floating ruble strategy as Ukraine pressure cools
New steps taken in line with shift towards a free-floating currency
The Bank of Russia has trimmed its daily currency intervention amount and partly reversed an emergency measure it had implemented earlier this year in response to political turmoil, as it moves towards a floating exchange-rate regime amid easing tensions with Ukraine.
The central bank said today it will reduce by $100 million its daily intervention amount, which it uses to smooth out volatility in the seven-ruble band its currency is allowed to trade between against a basket of currencies.
The
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