Russia's central bank widened the floating corridor for its bi-currency basket, comprising $0.55 and 0.45 euros, to 5 roubles from 4 roubles on Tuesday, Central Bank First Deputy Chairman Alexei Ulyukayev said on Wednesday.
"The central bank made the changes as part of activities aimed at a gradual transition to an inflation targeting regime and the free float of the ruble... A higher potential currency rate flexibility achieved with the help of the changes will contribute to improving efficiency of the Bank of Russia's interest rate policy to providing price stability," Ulyukayev told a news conference.
The new floating corridor for the bi-currency basket is between 32.45 and 37.45 rubles.
Ulyukayev also said that the central bank had cut the maximum currency intervention volume within the floating corridor to $600 million from $650 million.
In February, the central bank bought $4.5 billion from the domestic currency market, Ulyukayev said.
He also said that the ruble was more likely to strengthen in the short-term.
The regulator does not rule out a capital outflow from Russia in February.
MOSCOW, March 1 (RIA Novosti)