Russia boosts forex firepower as ruble weakness shifts inflation risks to upside

bank-of-russia

Russia has more than quadrupled the amount of dollars it is prepared to sell to maintain the value of the ruble at a given level. It unveiled the move yesterday, hours after it surprised the markets with a 150 basis point hike to its key policy rate aimed at calming foreign exchange volatility.

The Bank of Russia will now spend up to $1.5 billion before it shifts the target band for the ruble against a basket of $0.55 and €0.45, compared with the previous trigger of $350 million. The central ban

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