Russia Central Bank Spends Nearly $6 Bln With10 Days - the Central Bank of Russia Governor Elvira Nabiullina said Monday
13 October 2014, 16:42
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Russia's central bank spent around $6 billion in the past ten days to
defend the country's currency ruble, the Central Bank of Russia Governor
Elvira Nabiullina said Monday.
Speaking in the Duma, the lower house of Russia's parliament, Nabiullina said the central bank is currently supporting the exchange rate and selling funds from its reserves, the state-run news agency ITAR-Tass reported.
She also warned that attempts to fix the ruble exchange rate may backfire as it could lead to steeper one-time declines in the ruble that can hurt the economy.
The ruble is not currently in a complete free float and remains under the influence of market factors such as oil prices. The bank does not intend to stop its forex market interventions completely and will continue with them if there are risks to financial stability, the central banker added.
Speaking in the Duma, the lower house of Russia's parliament, Nabiullina said the central bank is currently supporting the exchange rate and selling funds from its reserves, the state-run news agency ITAR-Tass reported.
She also warned that attempts to fix the ruble exchange rate may backfire as it could lead to steeper one-time declines in the ruble that can hurt the economy.
The ruble is not currently in a complete free float and remains under the influence of market factors such as oil prices. The bank does not intend to stop its forex market interventions completely and will continue with them if there are risks to financial stability, the central banker added.
