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

  • Gunther Schnabl

    (Tübingen University)

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://econwpa.repec.org/eps/if/papers/0512/0512005.pdf
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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
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Ian Babetskii, 2007. "Aggregate Wage Flexibility in Selected New EU Member States," CESifo Working Paper Series 1916, CESifo Group Munich.
  2. 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).
  3. 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.
  4. Eiji Ogawa & Takatoshi Ito, 2000. "On the Desirability of a Regional Basket Currency Arrangement," NBER Working Papers 8002, National Bureau of Economic Research, Inc.
  5. Gunther Schnabl, 2005. "International Capital Markets and Exchange Rate Stabilization in the CIS," International Finance 0505015, EconWPA.
  6. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
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