Central Bank of Russia

bank of russia

We are not leaving the foreign exchange market

 

Making a comment on the “package solution” on the key rate, foreign exchange repo and reduction of foreign exchange intervention, Yudayeva said: “The Central Bank of Russia will not abandon the foreign exchange market. We are just switching to those operations that seem more appropriate to us in the current environment.”

The CB of Russia doesn’t consider the adoption of the “package solution” late. “History does not know the conjunctive mood. It is difficult to simulate what would have happened if we had announced this 2-3 weeks ago” – quoted Ksenia Yudaeva’s reply TASS.

In order to avoid a shock for the market, the Central Bank has maintained the accumulated interventions that lead to a shift in the corridor of two currency basket. “We had a policy of gradual departure from the exchange rate corridor. Now we found it necessary to keep the intervention for different reasons. First of all, in order to eliminate a serious shock for the market, some of the interventions we need to implement for the balance of payments” – quoted Yudayeva Interfax.

According to the Deputy Chairman of the Central Bank of Russia, by the end of the year the foreign exchange market in Russia should stabilize.

After Yuayeva’s statements Russian ruble has appreciated sharply against the dollar and euro.

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