Thursday January 22, 03:37 PM
Russia to allow up to 10% ruble devaluation
MOSCOW (AFP) - Russia is to allow a devaluation of the ruble of up to around 10 percent on Friday, the central bank said on Thursday.
The central bank said in a statement that it would be making its first substantial widening of the corridor within which the ruble moves against a euro-dollar currency basket since the global financial crisis began.
"From January 23, the upper limit of the technical corridor will be established at a level of 41 rubles, which with the current exchange rate of 1.3 dollars to one euro corresponds to 36 rubles to one US dollar," it said.
The ruble earlier Thursday was at 37.22 rubles against the currency basket composed of 55 percent dollars and 45 percent euros.
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