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Bank of Russia sees no systemic risk for banking system due to higher ruble volatility

January 20, 21:42 UTC+3
No outflow of deposits is observed, unlike in the beginning of the last year, and this is a very good sign Deputy Chairman of the Central Bank of Russia says
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© TASS/Sergey Bobylev

MOSCOW, January 20. /TASS/. The Bank of Russia sees no systemic risk for the banking system due to higher ruble volatility, Deputy Chairman of the Central Bank Vasily Pozdyshev said on Wednesday in an interview with Rossiya 24 TV Channel.

"The situation is challenging by and large yet controllable. We do not see a systemic risk in the banking system, despite greater volatility of the currency rate," the official said.

"No outflow of deposits is observed, unlike in the beginning of the last year. This is a very good sign," Pozdyshev said.

The dollar rose 2.7 rubles on the Moscow Exchange on Wednesday and is over 82 rubles, breaking the record set earlier on December 16, 2014. The dollar rate was higher only prior to ruble denomination in 1998.

The ruble weakens next to oil prices that start declining again. Brent oil futures with supply in March 2016 fell 4.73% on Wednesday to $27.4 a barrel on the London’s ICE. Brent oil prices were above $30 on Tuesday.

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