Forex Blog: Currency Trading News & Analysis.

February 12th 2005

Russia’s central bank to target a dual currency basket

The Central Bank of the Russian Federation has announced that it
began targeting the rouble exchange rate against a euro-dollar basket. Some are saying that this announcement may cause similar moves by the central banks of Asian countries.The Financial Express reports:

The bank said it had begun targeting a dual currency basket — made up of 90 US cents and 10 euro cents — as of February 1, and would gradually raise the weighting of euros. “Increases of the weighting of the euro in the twin currency basket, to a level appropriate for the task of exchange rate policy, will take place step-by-step as market players adapt,” it said.

Read more: Russia’s central bank gets serious

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Posted by Adam Kritzer | in Euro | No Comments »

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