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Russia takes measures to stabilize ruble exchange rate — Putin

November 10, 2014, 10:22 UTC+3
According to the Russian president, an option of foreign currency interventions remains in force
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Russian President Vladimir Putin

Russian President Vladimir Putin

© Mikhail Klimentyev/TASS

BEIJING, November 10. /TASS/. Russian President Vladimir Putin said that state authorities are taking measures to stabilize the ruble exchange rate and an option of foreign currency interventions remains in force.

“Our financial authorities are taking necessary measures (to stabilize the ruble exchange rate),” Putin said at the Asia-Pacific Economic Cooperation (APEC) Business summit, noting that “the Central Bank of Russia continues a policy of inflation targeting and will keep doing so."

Putin added that basic indicators on gold/forex reserves and balance of payments remained at good level. “This permits us to control the situation without additional extraordinary measures,” the president noted.

Vladimir Putin added that speculative surges of the ruble exchange rate should stop soon, these phenomena are not linked with fundamental economic factors.

“We witness speculative ruble exchange rate surges today, but I believe that this will stop soon, I also refer to those steps which the Central Bank of Russia is taking in response to action taken by speculators,” the Russian head of state said.

He said with confidence that “these events on foreign currency market which we witness in Russia now are absolutely not linked with fundamental economic causes and factors.

The head of state said he hoped that speculative surges of the rouble exchange rate should stop soon, including thanks to measures the Central Bank of Russia is taking. He said with confidence that “these events on foreign currency market which we witness in Russia today are absolutely not linked with fundamental economic causes and factors.

The Russian president also said that clean-up of balances in banking sector is a ripen process and investors should understand it is needed.

“This is a ripen process and I believe that investors understand well that such steps and invigoration of crediting and financial system are needed,” he said.

Speaking of Russia's state debt, Putin said the country has no plans to boost it, and the figure is set to stand at a safe level of 15% of GDP.

“There will be no boosting of the state debt,” the Russian leader said at the APEC summit. “We plan to hold it at a safe and controlled level — not less than 15% of GDP.

The Russian president said the country’s long-term goals for development remain the same.

“Russia is preserving macroeconomic stability and is conducting a balanced and accurate budget policy,” he said.

 

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