Nominal Anchors in the CIS

Foreign exchange intervention and equilibrium real exchange rates

“…In certain periods the monthly volatility of reserves exceeded that of nominal exchange rates (e.g. Poland for the period 1999-2002) being more than twice that of the exchange rate in Russia and Ukraine for the period 1999-2002 (see Keller and Richardson, 2003).…”

IMF Macroeconomic Research on Low-Income Countries

“…Jbili and Kramarenko (2003) explore the advantages of moving from fixed to flexible exchange rate regimes. A recent study by Keller and Richardson (2003) examines the increasing importance of monetary policy in the choice of exchange rate regimes in CIS countries.…”