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Bank of Russia: Speculators to have hard time on currency market
RBC, 02.09.2010, Sochi 13:48:39.The era of speculative players' comfortable work on the Russian currency market has come to an end, First Deputy Chairman of the Bank of Russia Alexei Ulyukayev announced during a bank forum in Sochi today. "Since September, the Bank of Russia has significantly decreased its presence on the currency market, and in the majority of cases, the regulator did not purchase any currency at the upper and lower end of the fluctuating price range of the basket of two currencies. This means that speculative players will no longer be able to easily make forecasts about changes in the rate and thus make a profit," Ulyukayev explained. The bank's representative also indicated that speculative players' activity put great pressure on the market in terms of short-term capital inflow or outflow and also caused fluctuations in rates. "We will continue our work in 2011 and subsequent years. We are still aiming to make a transition to inflation targeting and an unregulated ruble exchange rate. At the same time, the Bank of Russia will retain its right to make currency interventions in order to compensate for excessive volatility," Ulyukayev stated.
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