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Bank of Russia does not see risks to country’s financial stability amid weakening of ruble

According to Alexey Zabotkin, the regulator still believes that export-import transactions affect the weakening of the ruble

MOSCOW, August 11. /TASS/. The Bank of Russia does not see any risks to the country's financial stability amid depreciation of the national currency, Deputy Chairman of the regulator Alexey Zabotkin told a press conference.

The regulator still believes that export-import transactions affect the weakening of the ruble, he added.

"From previous experience of using this measure we see that decisions to temporarily suspend [currency purchases] do not have a significant impact on the prevailing level of the exchange rate, but they do help reduce market fears of an additional increase in volatility due to making purchases and, accordingly, they have a generally stabilizing effect on the market," he said.

"Therefore, as for the question whether we see risks to financial stability, then [the answer is] no, we do not see risks today, but we would like to avoid a situation where we further increase volatility market with these operations. Accordingly, we consider it possible to suspend them until the end of this year," he added.

According to Zabotkin, the regulator still believes that export-import transactions affect the weakening of the ruble.

"As for the dynamics of the exchange rate, we still believe that the decisive factor is what happens in terms of exports and imports of goods and services," Zabotkin said commenting on the ruble exchange rate.

On August 11, the euro exchange rate on the Moscow Exchange rose above 108 rubles for the first time since March 24, 2022. In the meantime, the dollar grew by 0.65% up to 98.1 rubles, and the yuan added 0.36%, rising to 13.514 rubles.

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