Ruble begins to crawl
According to a joint Russian government and Central Bank decision taken this May, a new ‘crawling peg’ for the ruble is to go into operation as of July 1. It will be kept between R5,000 and R5,600 to the dollar until the end of the year. The purpose of the new system is to cut daily fluctuations (setting a maximum 1.5% difference between upper and lower daily limits) and give the Central Bank more control of the market. In addition, the Central Bank will announce the new rate at 10 am every day, based on quotations from the interbank and currency exchange markets. Previously, MICEX (Moscow Interbank Currency Exchange) was used as the exchange rate source.
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