MOSCOW, March 3 Russian central bank confirmed
on Monday that is has increased its involvement in the foreign
currency market after the rouble plummeted and said it will
continue on its path to shift its main monetary policy focus to
inflation targeting after situation on markets stabilises.
Traders estimated the central bank sold in excess of $10
billion on Monday to prop up the rouble, which traded at
all-time lows against the dollar and the euro. The rouble
closed 2.2 percent down versus the dollar.
"In connection with the non-standard situation, the central
bank has increased on March 3 its presence on the foreign
exchange market," the bank's press service said in a statement.
"After situation on financial markets stabilises, the
Central Bank of Russia will continue on its path to switch to
the regime of the rouble free float and inflation targeting."
The Central Bank is to let the rouble float freely as of