Bloomberg News

VTB Rises as Kostin Says Ruble Won’t Fall Further: Moscow Mover

June 06, 2012

VTB Bank, Russia’s second-biggest lender, rose for a third day after Chief Executive Officer Andrei Kostin said the central bank will step up efforts to halt a slide in the ruble and as the currency advanced.

VTB advanced 1.9 percent to 5.3 kopeks by the close in Moscow, after gaining as much as 2.3 percent earlier. Russia’s currency climbed 1.8 percent to 32.42 per dollar. The ruble fell 12 percent last month, the most of 25 emerging-market currencies tracked by Bloomberg and the sharpest drop since January 2009.

“The central bank will start to support soon the bottom of the corridor” it uses to measure the ruble against the dollar and euro, Kostin said in an interview on Bloomberg TV today. “The central bank is willing to spend more dollars,” he said in Istanbul. “I’m not expecting the ruble to depreciate further.”

Bank Rossii has spent about $200 million a day supporting the ruble in the past three days, Chairman Sergey Ignatiev told reporters in St. Petersburg earlier today.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net;

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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