Russia frees up ruble float
The Bank of Russia has adjusted the ruble's managed float against a 55% USD-45% EUR currency basket, losing its regular intervention band. Previously the central bank intervened to keep the ruble within a plus or minus 15 kopek range around the movable fix. On May 19, the bank said it will intervene in a more random manner to prepare "conditions for moving to an inflation targeting regime."
Its intervention policy will now be guided by the situation in the local FX market, the country's trade
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