Nabiullina called “complete nonsense” rumors of a deliberate weakening of the ruble – Russia Oil

«Oil of Russia», 11.02.16, Moscow, 18:45
Chairman of the Bank of Russia Elvira Nabiullina said “complete nonsense” assumptions about the possibility of artificial weakening of the ruble. She said this to journalists on the sidelines of a meeting with the bankers in a boarding house “Bor”.

“The foolishness of gross, sorry. We do not consider the change of exchange rate policy. We have moved to a floating exchange rate, and all the principles of our exchange rate policy known . attempts to somehow artificially influence the exchange rate, including the replenishment of the budget, it is an artificial effect that has a very negative impact on our mind. And the Ministry of Finance does not consider such an option, we are with them always on track. They’re really seriously work on in order to balance the budget “, – said Nabiullina

Earlier Wednesday, a number of media reports about the alleged upcoming measures to prevent the weakening of the ruble and its excessive strengthening

This.. information later denied the Finance Ministry, who said that the purposeful weakening of the ruble is not considered, moreover taken by fiscal consolidation measures, on the contrary, should contribute to its strengthening.

“The Finance Ministry does not discuss, and does not allow for targeted weakening of the ruble . On the contrary, now we are working on measures for fiscal consolidation and reduce the federal deficit. Such measures, from the point of view of the Ministry of Finance, will have a strengthening effect on the exchange rate “, – the press service of the Ministry of Finance

Nabiullina earlier also said that the Central Bank sees high volatility in the foreign exchange market and is concerned about this, but acts. against spending foreign reserves to support the ruble.

“Let’s imagine, what are the conditions to reduce the increased volatility. The first – to spend foreign exchange reserves, but not all. We have this way of reducing the volatility of the exchange rate is not supported “, – she said, explaining that the gold reserves can be spent very quickly

.” If the external environment will change seriously, we will come to the same situation, in which there were in the beginning, only with less gold reserves and with a great rate movement, which then deviates from the market informed of the course “, – she added

The second possible scenario of reducing the volatility of the currency market, according to her, is. the stabilization of oil prices. “our economy is heavily dependent on oil. If the price of oil has stabilized, and the ruble has stabilized. As long as oil prices are very volatile, volatility is higher than the rate “, – said the head of the Central Bank

The third scenario, which she called the most correct and those on which we have to work -. Diversification of the economy.” If we will be less dependent on oil from oil exports, we have a course will be more stable. This is a more long-term and arduous task associated not only with monetary and fiscal policy, as with the structural policy “, – she said, adding that such a scenario would achieve the stability, but not artificial means, but really based on the economy <. / span> read more on http://www.oilru.com/news/501073/