CBR updates guidelines for setting official exchange rates, introduces new concentration criteria

MOSCOW. Aug 6 (Interfax) - The Central Bank of Russia (CBR) has published draft guidelines stipulating the procedure for setting official currency exchange rates against the ruble.

The document describes in detail the regulation for this procedure based on data from over-the-counter trading.

Additional criteria for concentration are being introduced in order to ensure representative calculations based on transactions. Calculations will factor in data on transactions made by at least three different pairs of lending institutions in the course of the day to 3:30 p.m. Moscow time, on the condition that one participant does not account for more than 75% of total trading volume.

The CBR has also clarified the procedure for calculating currency exchange rates based on cross rates.

The guidelines will go into effect on the day of their publication, as of which time the CBR's current regulation for setting and publishing official exchange rates will be revoked.