 | |  | | The Russian central bank said Monday that it has raised the share of the euro in its currency basket to 20% from 10%, with effect from March 15.
The basket, which is the bank's official guide for measuring the real effective exchange rate of the ruble, now comprises 20% euros and 80% dollars, the bank said in a statement.
The central bank has long signaled its desire to move away from using the dollar-ruble exchange rate as its main indication of the ruble's external stability, as the dollar's own weakness in recent months has reduced the reliability of that measure.
Monday's announcement merely makes official the exchange-rate management the bank has already been conducting for most of the last year. That has allowed the ruble to rise against the dollar, while falling against the euro in nominal terms. |  |  |  |  |
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