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Russia’s government, Central Bank ready for regulatory measures in banking sector — PM

December 22, 2014, 13:39 UTC+3
Russia's government and the Central Bank are currently not planning to take any special measures on the currency market
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Russian Prime Minister Dmitry Medvedev at a government meeting

Russian Prime Minister Dmitry Medvedev at a government meeting

© Alexander Astafyev/Russian government's press service/TASS

GORKI, December 22. /TASS/. Russia's government and the Central Bank are not planning to take any special measures on the currency market if the situation doesn't worsen, Russian Prime Minister Dmitry Medvedev said at a government meeting on Monday.

“We are not really taking any administrative measures. In any case we are not planning to take them amid the current financial and economic situation, even despite its complexity,” Medvedev said.

The Russian government and the Central Bank, however, are ready to take organizational and regulatory measures in the banking sector, if necessary, to stabilize the domestic financial market.

“If necessary, we’ll make some organizational and regulatory decisions, decisions relating to regulation in the banking system within the government’s competence and, of course, decisions which are taken by the Central Bank,” Medvedev said.

Exporting companies did not violate legislation on the currency market. “But the behavior of major participants and entrepreneurs as a whole should be responsible in this difficult period. They should understand that the economic situation depends on their actions,” he said.

“I hope that state-run companies and private companies realize this responsibility and will follow the decisions that we worked out jointly,” Medvedev said.

The government and the Central Bank should continue working with major exporting companies. “Of course, it is necessary to watch and react to speculation. The Central Bank is dealing with it and the government will help it,” he said.

First Deputy Prime Minister Igor Shuvalov said Russian exporters' foreign currency sales on the domestic market are helping to protect the national currency amid falling oil prices and a faltering economy.

Shuvalov told Dmitry Medvedev at the meeting that the market is seeing expectations that the Russian currency will get stronger

“Expectations are being formed on the market that the ruble will strengthen in the coming days,” Shuvalov said.

Shuvalov said the ruble rate is acting “very consistently, and there are no sharp fluctuations.”

The deputy prime minister also said the stabilization of the current situation on the currency market is more important now than to strengthen the ruble.

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