Russia plans reduced for-ex intervention

A top bank official said Thursday the Bank of Russia hopes new monetary instruments will allow it to scale down its regular foreign exchange market interventions.

"We are determined that central bank intervention on the currency market will be the exception rather than the rule in situations where there is a danger of some volatility," First Deputy Chairman Alexei Ulyukayev told a parliamentary budget committee.

"We want banks to raise money more through our refinancing instruments," Ulyukayev