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In the News
10 November 1997 - International [Russia]
Russia seeks to shield itself from financial market turmoil in emerging markets by raising interest rates and announcing a more flexible exchange rate policy from 1998. The central bank raises its refinancing rate to 28% from 2 1 % and, acting in tandem with the Ministry of Finance, the bank also ends its policy of shadowing a depreciating rouble 'corridor'. From the start of 1998 the central bank will target a central rate and allow 15% fluctuation bands either side. The target will be Rbs 6,100 to the US dollar for 1998 (Rbs6.1 after re-denomination of the rouble on 1 January 1998) and Rbs 6,200 (Rbs 6.2) for 1999 and 2000.
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