OREANDA-NEWS. January 23, 2009.The Bank of Russia has no plans to revise the forex intervention mechanism and will enter the market buying or selling foreign currency both within the limits of the range or outside of them. "In May 2008, we introduced scheduled or regular currency purchases and said that as of now we would buy or sell foreign currency not only at the limit of the exchange rate band, but also within the technical corridor which we had at that time and which remains in place now", Ignatiev said. "In order to relieve pressure from intraday fluctuations on the exchange rate, we remain committed to the same practice now.

However, earlier these volumes were pegged to amounts used to form the Stabilization Fund and now the situation is a bit different. At present, we are going through a transition period and at a later time we will state our principles more clearly". "We will continue interventions not only at the limits of the exchange rate, but also within the target band which we announced… in order to stabilize the exchange rate and make it move smoother", the CBR chairman stressed.