Bank Rossii Isn’t Targeting Dollar-Ruble Rate, Ulyukayev Says

Russia is not targeting the dollar- ruble rate, said Alexei Ulyukayev, first deputy chairman of Russia’s central bank.

“I disagree that Bank Rossii considers control over the dollar rate to be more important than the basket rate,” Ulyukayev said today in an interview in Moscow. “We are still oriented toward the rate of the bi-currency basket. The basket allows us to assure the smallest degree of currency volatility.”

The central bank is committed to further “liberalization” of the domestic currency market, he said. The floating corridor was at 32.8 to 36.8 versus the basket on Oct. 13, when the regulator widened the band to four rubles from three, Ulyukayev said.

“In the future we’ll continue to move toward the liberalization of the rules of the currency market,” Ulyukayev said. “We may further widen the borders of the floating corridor and change the parameters of our currency interventions which lead to shifts of the floating corridor.”

The central bank’s currency interventions so far in November are close to last month’s amount, when the regulator sold $3.2 billion and 437.6 million euros, Ulyukayev said.

To contact the reporter on this story: Paul Abelsky in Moscow at pabelsky@bloomberg.net; Maria Levitov in Moscow at mlevitov@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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