Bank of Russia Changes the Procedure of Establishing the Official Exchange Rate

Beginning with Tuesday, April 15, the Central Bank of Russia changes the procedure of establishing the official exchange rate of the dollar to the rouble.

As the information of the foreign and public relations department of the Central Bank of Russia says, since April 15, 2003, the Bank will use for these purposes the average-weighted rate of the US dollar at the Unified Trading Session (UTS) of the inter-bank currency exchanges under the "tomorrow" settlements which are registered at 11:30, Moscow time,on the day of the trading session.

Earlier, the official exchange rate of the dollar to the rouble was established on the basis of the results of the UTS trading session under "today" settlements.

Beginning with April 15, at the dollar trading sessions of UTS for Russian roubles under "tomorrow" settlements, the Bank of Russia will preserve the existing system of controlling risks at the UTS, as well as equal access for the participants in trading sessions from different regions of Russia.

According to the assessment of the Central Bank of Russia, "the new segment of the exchange currency market is to become the most liquid part of it in view of the considerable duration of trading sessions and the lowering of operational risks in comparison with the conversion deals under "today" settlements.

The exchange rate at trading sessions under "tomorrow" settlements is "more representative because it is less subjected to the influence of short-term market factors including the changes of the current liquidity of the authorised banks," says the information of foreign and public relations department of the Central Bank of the Russian Federation.