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Officials Said to Discuss Ways to Tame RUB Rally

RUSSIA
  • Bloomberg reports that Russian officials are considering ways to rein in RUB strength while still retaining the central inflation targeting regime. The proposals would see a new mechanism put into place rather than removing their commitment to targeting price growth. Other options could include a further loosening of rules on currency operations for companies active abroad as well as more access to foreign exchange for households and businesses.
  • Recall at the SPIEF late last week, first deputy PM Belousov said the floating RUB is “essentially not working now” and that Russian authorities are discussing the targeting of the RUB rate. This was somewhat contradicted by CBR members and other government ministers since - but clearly still an issue at the Kremlin.

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