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Russia’s Central Bank ready to make foreign currency interventions to keep up ruble

December 04, 2014, 10:16 UTC+3
The CBR also says that the current ruble devaluation creates risks for financial stability
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© EPA/OLIVER BERG

MOSCOW, December 4. /TASS/. The Central Bank of Russia (CBR) said it was ready to make foreign currency interventions without limits in amounts, as the current ruble rate has deviated considerably from fundamentally reasonable values.

“According to CBR estimates, the current ruble rate has deviated considerably from fundamentally reasonable values,” the monetary regulator said, noting that “The CBR is ready to make foreign currency interventions in the future if necessary without limits in amounts and preliminary announcement.”

Ruble devaluation predetermines risks to financial stability

The current devaluation of the Russian ruble is creating conditions for emergence of risks to financial stability, Russia’s Central Bank said.

“The dynamics of the ruble which is currently being observed, including its excessive volatility, is predetermining the emergence of risks to financial stability and is creating stable devaluation and inflation expectations,” the regulator said.

The Central Bank decided to free float the ruble on November 10 in a move, which amid the falling oil prices, increased the ruble’s volatility and brought the dollar and the euro to record high against the Russian currency.

Despite canceling the corridor of the US dollar/euro basket, the Central Bank has repeatedly stressed that it would enter the market with currency interventions if there were threats to financial stability.

On Monday, the regulator made unexpected foreign currency interventions which reached $700 million.

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