OREANDA-NEWS. October 02, 2009. CBR published monetary policy guidelines for 2010-2012 yesterday, indicating that it will continue to move gradually to inflation targeting, without ruling out currency interventions, reported the press-centre of OTKRITIE FC.

The document envisages a current account surplus, and for now, CBR still retains the RUB26-41 corridor against the bi-currency basket.

View: Over the past four months CBR has not been an active participant in the currency market, even though it conducts currency interventions to limit peaks in ruble volatility. The fact that the current account is seen in the positive territory implies more upside risks to the ruble exchange rate than vice versa.