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Predictable ruble exchange rate vital for Russia’s Finance Ministry — minister

Anton Siluanov noted that the ministry was not considering holding and regulating the ruble exchange rate

MOSCOW, July 31. /TASS/. Predictable exchange rate of the ruble is critical to Russia’s Finance Ministry, Finance Minister Anton Siluanov said in an interview with TASS.

"We need the ruble's exchange rate to remain predictable. This is crucial for both people and businesses. You will say that the budget likes the weak ruble because we have additional revenues. That is true. However, we must not forget that the exchange rate affects inflation, and controlling inflation is a top priority for the government and the Bank of Russia, because it mainly affects the most vulnerable groups of the population," the minister said.

Siluanov added that the ministry is not considering holding and regulating the ruble exchange rate. "We have already gone through the process of maintaining the ruble and regulating the market exchange rate. This necessitates the use of gold and foreign exchange reserves, and thus distorts the terms of overseas trade. We've moved away from this, our exchange rate is floating," Siluanov explained.

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