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Finance minister does not consider slowdown of rouble exchange rate as critical situation

June 23, 2012, 12:46 UTC+3

The minister stated that the Central Bank’s current interference is minimal

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ST. PETERSBURG, June 23 (Itar-Tass) —— Russian Finance Minister Anton Siluanov does not consider the slowdown of the rouble exchange rate as a critical situation.

While pointing to the facts of previous declines of the rouble exchange rates, the minister stated, “the volatility is mainly triggered by the changes in oil prices.”

In his words, “the Central Bank of Russia does not interfere in the results of foreign exchange trading sessions.”

“The Central Bank will interpose, when the dollar-to-euro bi-currency basket nears the maximum threshold of 38.15 roubles per U.S. dollar,” Siluanov said.

The minister stated that the Central Bank’s current interference is minimal. In his words, this is linked with the decision to step up active participation in the process only when the aforesaid indicator nears the maximum level. “But, now the index is within the targeted range,” the Russian Finance Minister said.

Besides, VTB President Andrei Kostin, in turn, cannot forecast a sharp decline of the rouble exchange rate.

“The Central Bank has sufficient possibilities to curb the rouble rate within the ‘corridor’,” he told reporters.

“I cannot speak about a drop of the rouble exchange rate. I think that this is impossible,” the VTB president said.

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