Traded range of Russian ruble to be widened

Sergei Ignatyev, the chairman of the Russian central bank, says the central bank will slowly widen the traded range of the ruble as the central bank moves to adopt inflation targeting.

Ignatyev added the widening of the trading band may be accompanied by an appreciation of the currency in the next few months.

"We do not rule out the possibility of raising the nominal effective ruble in the coming months. We also can't exclude an increase in all or some of the central bank's rates," said Ignatye