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Russian financial market more stable now — Central Bank chief

The Russian financial system is now far better prepared for considerable oil price fluctuations and other negative external factors, Central Bank Chief Elvira Nabiullina said

© TASS/Artiom Geodakyan

MOSCOW, November 18. /TASS/. Russian financial markets are now more stable and ready for oil price fluctuations, Central Bank Chief Elvira Nabiullina said on Tuesday.

“Now the financial markets are stable, and the banking sector continues to operate normally,” Nabiullina said in the lower house of Russia’s parliament.

The Russian financial system is now more stable than in the previous years and is far better prepared for considerable oil price fluctuations and other negative external factors, the Central Bank chief said.

The Russian regulator’s decision to switch to a freely floating ruble was not sudden or premature, Nabiullina noted.

“The transition to a freely floating ruble requires a period of adaptation and the exchange rate can’t be set free sharply. The market had a possibility to gradually adapt to it,” she said in the lower house of Russia’s parliament.

“The Central Bank planned to complete the transition to a freely floating ruble by the end of this year. So, the decision, which we made on November 10, was neither sudden nor premature,” she said.

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