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Russian government works out measures to stabilize currency market — minister

December 16, 2014, 19:44 UTC+3
The minister’s statement comes after a government meeting chaired by Prime Minister Dmitry Medvedev on the financial and economic situation in the country
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Economic Development Minister Alexey Ulyukayev

Economic Development Minister Alexey Ulyukayev

© EPA/DANIEL NAUPOLD

GORKI, December 16. /TASS/. Russian government members have worked out measures to stabilize the currency market, Economic Development Minister Alexey Ulyukayev said on Tuesday.

The minister’s statement comes after a government meeting chaired by Prime Minister Dmitry Medvedev on the financial and economic situation in the country.

The economy minister said the Central Bank’s measures would be aimed at increasing foreign currency liquidity supply on the domestic market. “We have mapped out a set of measures, which should help stabilize the situation,” Ulyukayev said.

The situation is very complex but “we are not the first and we’re not the last to pass through similar circumstances,” he said. “In this respect, it is important to ensure the unity of actions by the Bank of Russia and the government,” the economy minister said.

“These actions will be aimed at ensuring greater balance between demand and supply on the domestic foreign currency market,” he said.

The government also discussed measures of regulatory supervision over banks and support for qualitative borrowers, he said.

“It is very important in the current situation to support the banking sector and have guarantees of its uninterrupted operation in the system of ensuring rapid settlements and the system of providing lending to qualitative borrowers,” he said.

In this respect, the government discussed measures requiring legislative amendments with regard to banks’ recapitalization, greater supervisory and regulatory control over banks “so that they can perform their obligations effectively,” he said.

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