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Ruble trading corridor just a ‘mirage’

Posted on 25 October 2010

From Themoscowtimes.com: The ruble’s trading corridor is a “mirage” as the Central Bank widens the band and pushes the currency closer to a free float, HSBC said Friday. The Central Bank has widened the ruble’s so-called “floating corridor” against its target dollar-euro basket twice since Oct. 13, according to statements from central bankers Alexei Ulyukayev and Sergei Shvetsov.
Policymakers have used the basket since 2005 to manage the ruble by buying and selling foreign currency on the market. The bank has pledged to reduce its interventions and free float the currency by 2012, bringing the ruble into line with other commodity producers like Australia, Brazil and South Africa……………………………………….Full Article: Source


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