Bank of Russia FX intervention hits $6bn
Governor Nabiullina says bank will switch to inflation-targeting framework
The Bank of Russia has spent $6 billion defending the ruble so far this month, but still plans to let the currency float freely from January 1, governor Elvira Nabiullina told lawmakers yesterday in Moscow.
The currency has lost 18% in value against its US counterpart this year amid falling oil prices and the imposition of Western sanctions on the Russian economy. A dollar currently buys 40.5 rubles, a record high.
Speaking before the State Duma, Nabiullina confirmed the central bank had been
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