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Russia’s Central Bank ready for currency interventions to stabilize market

November 28, 2014, 19:16 UTC+3 MOSCOW
The ruble dynamics are considerably affected by a plunge in world oil prices along with other fundamental factors, the regulator admits
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© Artyom Korotaev/TASS

MOSCOW, November 28. /TASS/. The Russian Central Bank is ready to hold foreign currency interventions, if threats emerge to the domestic foreign exchange market’s stability, the regulator’s press office said on Friday.

The ruble dynamics are considerably affected by a plunge in world oil prices along with other fundamental factors, the regulator said.

“The ruble dynamics are considerably affected by changes in oil prices, which along with other parameters determining the terms of foreign trade for Russia, and also the difference between interest rates inside the country and abroad, are the main fundamental factors of the Russian currency pricing,” the Central Bank of Russia said.

“The Bank of Russia is closely watching the situation on the foreign currency market and analyzing the influence of the ruble exchange rate on other segments of the financial market. If threats of destabilization are identified, the Central Bank is ready to hold currency interventions,” the regulator said.

The Organization of the Petroleum Exporting Countries (OPEC), which accounts for about 40% of global crude output, decided at its meeting in Vienna on Thursday to keep production levels unchanged, sending world oil prices further down to a four-and-a-half-year low of under $70 per barrel.

The ruble hit fresh lows against the dollar and the euro, following a plunge in the price of oil, a major Russian export commodity.

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