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The Russian Currency Basket: The Rising Role of the Euro for Russia’s Exchange Rate Policies

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Author Info

  • Gunther Schnabl

    (Tübingen University)

Abstract

In 2005, the Bank of Russia has made three announcements that indicate an increasing role for the euro in the Russian exchange rate strategy. On February 4 2005 the Bank of Russia announced that it has started to stabilize the daily volatilities of the Russian ruble against a dollar- euro currency basket. While the announced weight of the euro was 10% (90% dollar) by then, the Bank of Russia increased this weight to currently 40% within ten months. Bank of Russia representatives have stressed the intention to increase the weight of the euro the Russian currency basket further up to 50% but without indicating a specific time horizon. Other statements of Bank of Russia representatives have stressed the rising role of euro as intervention and reserve currency. This paper reviews the recent trends in Russian exchange rate strategy with a focus on the role of the euro.

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File URL: http://128.118.178.162/eps/if/papers/0512/0512005.pdf
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Bibliographic Info

Paper provided by EconWPA in its series International Finance with number 0512005.

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Length: 12 pages
Date of creation: 20 Dec 2005
Date of revision:
Handle: RePEc:wpa:wuwpif:0512005

Note: Type of Document - pdf; pages: 12
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Web page: http://128.118.178.162

Related research

Keywords: Words: Russia; Currency Basket; International Role of the Euro.;

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References

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  1. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
  2. Ogawa, Eiji & Ito, Takatoshi, 2002. "On the Desirability of a Regional Basket Currency Arrangement," Journal of the Japanese and International Economies, Elsevier, vol. 16(3), pages 317-334, September.
  3. Schnabl, Gunther, 2005. "International Capital Markets and Informal Dollar Standards in the CIS and East Asia," HWWA Discussion Papers 326, Hamburg Institute of International Economics (HWWA).
  4. Gunther Schnabl, 2005. "International Capital Markets and Exchange Rate Stabilization in the CIS," International Finance 0505015, EconWPA.
  5. Ian Babetskii, 2007. "Aggregate Wage Flexibility in Selected New EU Member States," CESifo Working Paper Series 1916, CESifo Group Munich.
  6. Ronald McKinnon & Gunther Schnabl, 2004. "The East Asian Dollar Standard, Fear of Floating, and Original Sin," Review of Development Economics, Wiley Blackwell, vol. 8(3), pages 331-360, 08.
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Cited by:
  1. Gunther Schnabl, 2006. "The Evolution of the East Asian Currency Baskets – Still Undisclosed and Changing," CESifo Working Paper Series 1873, CESifo Group Munich.
  2. Schnabl, Gunther, 2006. "Capital markets and exchange rate stabilization in East Asia: Diversifying risk based on currency baskets," HWWI Research Papers 2-1, Hamburg Institute of International Economics (HWWI).

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