https://sputnikglobe.com/20230412/russian-central-bank-still-opposes-control-of-ruble-exchange-rate-bank-governor-1109384326.html
Russian Central Bank Still Opposes Control of Ruble Exchange Rate - Bank Governor
Russian Central Bank Still Opposes Control of Ruble Exchange Rate - Bank Governor
Sputnik International
MOSCOW (Sputnik) - The Central Bank of Russia still opposes administrative control of ruble exchange rate as it will be stabilized by low inflation and fiscal rule, the Bank's Governor Elvira Nabiullina said on Wednesday.
2023-04-12T10:57+0000
2023-04-12T10:57+0000
2023-04-12T11:30+0000
economy
russia
russian central bank
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"We stand for a stable exchange market, but not for exchange rate administration, it can break from economic realities that way," Nabiullina said during her speech in the Russia's State Duma. The experience shows that attempts to manage the rate result in abrupt devaluations and financial crises, she noted. On November 10, 2014 Russian Central Bank announced its complete shift to the floating ruble exchange rate. The Bank has always stated its commitment to a market exchange rate regime ever since.On Friday, Central Bank noted a drop in ruble exchange rate against the dollar to 83.5, marking the lowest rate since April 2022. The Bank's Deputy Governor Alexey Zabotkin linked the weakening of the Russian currency to a recent decrease in country's export profits that are expected to recover soon.
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Russian Central Bank Still Opposes Control of Ruble Exchange Rate - Bank Governor
10:57 GMT 12.04.2023 (Updated: 11:30 GMT 12.04.2023) MOSCOW (Sputnik) - The Central Bank of Russia still opposes administrative control of ruble exchange rate as it will be stabilized by low inflation and fiscal rule, the Bank's Governor Elvira Nabiullina said on Wednesday.
"We stand for a stable exchange market, but not for exchange rate administration, it can break from economic realities that way," Nabiullina said during her speech in the Russia's State Duma.
The experience shows that attempts to manage the rate result in abrupt devaluations and financial crises, she noted.
"Low inflation will stimulate exchange rate stabilization, the lower the inflation, the more stable the exchange rate. And fiscal rule contributes to stabilization of the real rate," Nabiullina said.
On November 10, 2014 Russian Central Bank announced its complete shift to the floating
ruble exchange rate. The Bank has always stated its commitment to a market exchange rate regime ever since.
On Friday, Central Bank noted a drop in ruble exchange rate against the dollar to 83.5, marking the lowest rate since April 2022. The Bank's Deputy Governor Alexey Zabotkin linked the weakening of the Russian currency to a recent decrease in country's export profits that are expected to recover soon.
