Yudaeva called the cause of the ruble – Information portal Banks.ru

Ksenia Yudaeva: “the strengthening of the ruble is mainly attributable to increases in oil prices.”

recent months the strengthening of the ruble was largely due to an increase in oil prices is fundamentally justified appreciation, said in an interview with “Izvestia”, first Deputy Chairman of the Central Bank Ksenia Yudaeva.

“Another thing is that the fiscal policy measures, which are also the fundamental factor to smooth out fluctuations in the real exchange rate even in the face of fluctuations in oil prices”, — she emphasized.

a Floating exchange rate operates in Russia since November 2014. The course is not fixed, and its dynamics is determined by the ratio of supply and demand for foreign currency in the market. On the website of the Central Bank says that the Bank of Russia in normal conditions does foreign exchange intervention to affect the dynamics of the ruble. “At the same time, the Bank of Russia is closely monitoring the situation on the currency market and can make transactions with foreign currency to maintain financial stability,” — noted on the website of the Central Bank.

the Ministry of Finance of Russia on the eve announced that from February of 2017 will begin operations on purchase and sale of foreign currency on the domestic foreign exchange market in the amount of additional oil and gas revenues. Operations on purchase of foreign currency by the RF Ministry of Finance will conduct, while the actual price for Urals oil exceeds $ 40 per barrel. The volume of transactions will depend on the amount of oil and gas revenues of the Federal budget.

To convert these foreign currency transactions the Ministry of Finance will involve the Central Bank. Bloomberg reported on Wednesday that the Bank of Russia may buy foreign currency on the market in the first quarter of the current year at $ 1 billion per month. The Central Bank stressed that the holding of Treasury operations of purchase and sale of currency in the foreign exchange market does not preclude the achievement of the inflation target of 4% by the end of 2017.

the First Deputy Prime Minister Igor Shuvalov earlier in January said that the price of oil and the decision on quitting spending in 2017 additional oil and gas revenues allow the Central Bank to purchase foreign currency in the market.

According to Shuvalov, the government and the Central Bank will accumulate foreign currency reserves to insure the ruble from “excessive strengthening”. In his opinion, such decision will allow to stabilize the Russian currency. However, Shuvalov said that it will not always. “It is exactly the same as the counter, will help our exporters some time, some perspective, a year or two, but this cannot go on indefinitely”, is “bad for the economy,” he said.