February 11, 2016, 15:58 | crisis | exchange rate | The Bank of Russia
Chairman of the Bank of Russia Elvira Nabiullina believes that the exchange rate can only stabilize the economic diversification. She stated this today during a meeting with the bankers association “Russia” in the suburban boarding house “Bor».
CB Chairman named three ways to reduce the volatility of the ruble: currency interventions by international reserves, the rebound in oil prices, as well as changes in economic structure, according to TASS
.
“The third and, in my opinion, the correct script – a diversification of the economy”, – said Nabiullina, explaining that if the economy is less dependent on oil, the ruble will stop responding because of commodity prices. “This is a longer-term, more serious problem is related not only to the monetary and fiscal policy,” – she explained
.
At the same time, pointed out the head of the Central Bank, the controller does not support the idea of reducing the volatility of the ruble by spending of international reserves. “We are reducing the volatility of the ruble by selling reserves do not support,” – she said
.
Nabiullina explained that such behavior of the Central Bank ruble then stabilized at still higher levels.
Earlier in the meeting, it is not excluded that the Bank of Russia to tighten monetary policy, if implemented negative scenario in the economy.
As the recognized head of the Central Bank, after the regulator last year, quickly reduced the key interest rate – 4 times per year with a 17% to 11% per annum, the situation began to change. “As a result of the fact that there was such inflationary pressures and increased volatility in the currency financial markets, we have suspended our cycle of easing monetary policy. In the case of strengthening of inflationary risks, if realized negative scenario, we will toughen “- said Nabiullina
.
However, she is confident that the Russian economy is largely already adapted to the rapidly changing external conditions.
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