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Ulyukayev Gave Incorrect Ruble Range, Bank Says

Russian central bank First Deputy Chairman Alexei Ulyukayev gave incorrect parameters for the so-called floating corridor the ruble trades within against a target dollar-euro basket, according to Bank Rossii.

The range initially given to reporters at a conference in London today by the central banker was “a slip of the tongue,” a spokesperson for Bank Rossii’s press service, who declined to be identified in line with bank policy, said by phone in Moscow today.

The corridor was 33 to 37 versus the basket on Nov. 26, the spokesperson said, citing Ulyukayev’s corrected statement. Bank Rossii won’t be publicizing the parameters “on a daily basis,” the spokesperson added.

The ruble weakened 0.4 percent to 35.9072 versus the basket by 3:36 p.m. in Moscow today.

Bank Rossii has managed the ruble against the basket, which is made up of about 55 percent dollars and the rest euros, since 2005. The central bank buys and sells foreign currency to keep the ruble within the corridor and limit swings that erode exporter competitiveness.

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