Financial Times - Feb 5 2005
http://news.ft.com/cms/s/cb1cd3e0-771b-11d9-b897-00000e...
Russia said yesterday it had abandoned efforts to tie the rouble's
movement closely to the dollar and switched to shadowing both the euro
and the US currency.
The move heightened expectations that other countries operating de
facto dollar pegs, such as China, could follow suit.
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Russia had announced its intention to introduce a basket arrangement
last April but did not set a firm date for the change. The Bank of
Russia, the central bank, has been building its euro reserves in
readiness, with some 30 per cent of its reserves now estimated to be
in euros, against just 5 per cent in 2000. Traders said it appeared
Russia had begun to loosen its peg to the dollar in October, when the
rouble began to strengthen against the dollar while the US currency
fell strongly against the euro
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The Bank of Russia said it has been using a basket consisting of 0.1
euro and 0.9 dollars to target exchange rate policy since February 1.
With the euro trading near $1.30, this currently gives the euro a 13
per cent weighting in the basket.
http://news.ft.com/cms/s/cb1cd3e0-771b-11d9-b897-00000e...
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