On parameters of Bank of Russia exchange rate policy

Given the increased volatility in the domestic FX market, Bank of Russia starts to determine the parameters of the exchange rate policy daily based on the assessment of current situation. For 3 March 2014 the Bank of Russia set the amount of cumulative interventions triggering a 5-kopeck shift in the operational band borders at $1.5 billion (as of 28 February 2014 this amount was $350 million). Other parameters of the Bank of Russia exchange rate policy remained unchanged. This adjustment resulted in lower sensitivity of the operational band borders to the amount of the Bank of Russia FX interventions.

This measure was adopted to prevent the risks for financial stability by limiting the rouble exchange rate fluctuations.

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