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Russian authorities do not consider limiting currency operations due declining rouble rate

November 08, 2014, 16:47 UTC+3
Minister of Economic Development Alexei Ulyukayev told reporters on Saturday
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© ITAR-TASS/Dmitrii Rogylin

BEIJING, November 8. /TASS/. Russian authorities do not consider limiting currency operations due to declining rouble rate, Minister of Economic Development Alexey Ulyukayev told reporters on Saturday.

He responded with a ‘No’ to the question whether the authorities were considering introducing limits for currency operations.

During the trade on Friday, the dollar and euro rates jumped to their maximum ever levels - 48.65 roubles (for one dollar) and 60.27 roubles (for one euro). However, by end of the trade session, the rates went down to 46.7 and 58.22 roubles respectively.

Market participants had mentioned the Central Bank (Bank of Russia) could limit capital operations due to weaker rouble.

“Tactics may differ"

Russia’s Ministry of Economic Development considers as rational the decision of the country’s Central Bank (Bank of Russia) to have a floating rouble rate from 2015 despite of the current decline, Ulyukayev told.

“Tactics may differ. The one offered by the Bank of Russia is quite rational and should bring its results,” the minister said.

He also called correct the Central Bank’s decision to introduce a new instrument - repo operations in currency for the term of 12 months. However, he said, that decision should have been made “slightly earlier.

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