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of September 9, 2013

About realization of course policy of the Bank of Russia

The Department for External and Public Relations of the Bank of Russia reports that for the purpose of further increase in flexibility of exchange rate formation mechanism and increase in sensitivity of borders of operational interval to amount of the interventions made by the Bank of Russia the decision since September 9, 2013 is made to reduce the size of the cumulative interventions leading to shift of borders of operational interval for 5 kopeks from 450 mln. dollars of the USA to 400 mln. dollars of the USA.

The specified change in the mechanism of course policy is realized by the Bank of Russia within activities for transition to the mode of inflation targeting that assumes further increase in flexibility of exchange rate formation mechanism, and not connected with the Ministry of Finance of the Russian Federation of procedure for purchase (sale) of foreign currency planned by change for the purpose of replenishment (expenditure) of sovereign funds.

At the same time the Bank of Russia considers that the current width of floating operational interval (7 rubles) is acceptable now and provides the required level of flexibility of exchange rate formation mechanism.

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