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Russian Central Bank satisfied with current ruble volatility — First Deputy Chairman

October 23, 2015, 14:59 UTC+3 MOSCOW
Dmitry Tulin notes that the Russian ruble volatility declined, as the market have adapted to the current economic situation
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© TASS/Sergei Fadeichev

MOSCOW, October 23. /TASS/. The Russian Central Bank is satisfied with the current volatility of the ruble, First Deputy Chairman of the Central Bank Dmitry Tulin said Friday in the State Duma.

"We are satisfied with it [the current intraday fluctuations of the ruble exchange rate — TASS]. If it lasted, like during the past two weeks, it would be amazing," Tulin said.

At the same time Tulin noted that the Russian ruble volatility declined, as the market have adapted to the current economic situation.

"Confidence in the ability of the Russian authorities to handle the situation has slightly strengthened. But connection to oil price still exists," Tulin said. He added that the exchange rate reflects the state of the economy.

According to Dmitry Tulin, the ruble will not be as stable as it was before November 2014.

"The ruble exchange rate is not as stable as it was before November 2014 — it will be volatile. But there will not be such volatility as in December and January," he said.

The Russian Central Bank cannot yet secure the stability of the ruble exchange rate.

"We would like the ruble exchange rate to be stable against at least currency basket. It would be very beneficial for the economy and anti-inflationary policy. But it is impossible to ensure this. We need to think about how we can mitigate the effects of exchange rate fluctuations," Tulin said.

He also noted that the Central Bank cannot currently "afford to intervene in these conditions on a large scale", but according to him dependence of the ruble exchange rate from commodity prices decreased.

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