(RIA Novosti) - Russia's Central Bank does not intend to boost the ruble rate in the near future, Chairman Sergei Ignatyev said Thursday.
"At present, we are entirely satisfied with the ruble rate to the bi-currency [dollar/euro] basket - we are unlikely to raise it in the near future," he said, reports Trend.
Since the start of the year, the nominal effective ruble rate has been rising, hitting 1.5% in the first five months of the year, compared with 3.2% for the whole of 2005.
The chairman also said that M2 money supply in the country as of June 1 was up 43% year-on-year.
Russia's M2 is defined by the CBR as total cash in circulation outside banks, plus ruble funds on accounts of resident non-financial organizations and individuals.
Ignatyev said M2 growth during the first three months of the year had been moderate, but had then accelerated.
The rapid growth in M2 money supply is due to the CBR's growing gold and foreign currency reserves, and the de-dollarization of the Russian economy, he said.