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Ruble devaluation no threat to financial stability — Audit Chamber head

Even considering the current circumstances, there is no need for Russia to give up the transition to a freely floating ruble, Audit Chamber head Tatiana Golikova says

Currency exchange booth in Moscow, December 1, 2014 AP Photo/Pavel Golovkin

Currency exchange booth in Moscow, December 1, 2014

© AP Photo/Pavel Golovkin

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

MOSCOW, December 4. /TASS/. The ruble’s current devaluation poses no threat to the country’s financial stability, Audit Chamber head Tatiana Golikova said on Thursday.

Even considering the current circumstances, there is no need for Russia to give up the transition to a freely floating ruble, she said.

Earlier, Russia's Central Bank head said that the current devaluation of the Russian ruble is creating conditions for emergence of risks to financial stability.

“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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Economy Currency

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