ANOSINO, February 27. /TASS/. The current fluctuations in the ruble rate are a temporary phenomenon that can be attributed to external factors, Central Bank chief Elvira Nabiullina said at the annual meeting with chief executives of the Bank of Russia organized by the Association of Russian Banks.
"When sanctions are introduced, rates can fluctuate. Such deviations indeed take place - but they are temporary as market participants adjust and adapt, leading to the exchange rates converging afterward. We can hardly invent any special mechanisms in this regard, it is true, but these temporary fluctuations are possible, associated with, let’s call them external shocks and restrictions," Nabiullina said.
In these conditions, it is the Bank of Russia’s job to maximize transparency of the currency market for all participants, when the currency market structure and the trading structure see an upheaval, she noted.
Sanctions affect almost all the banks and the Moscow Exchange, the central bank chief said. "This influenced the forex market structure and caused volatility in the rate throughout the year, creating new difficulties with international payments that we had to overcome," Nabiullina added.