The exchange rate of the Russian currency is weakening under the influence of foreign trade dynamics. This was stated by the head of the Central Bank Elvira Nabiullina during her speech at the Financial Congress of the Bank of Russia.
“You need to look first of all at the dynamics of foreign trade. It largely determines the movement of the exchange rate … Now if we look at the dynamics of the exchange rate, this is also largely due to foreign trade, ”Nabiullina said, she is quoted by RIA Novosti.
According to her, the Central Bank “has tools to smooth out short-term fluctuations, our swaps,” but a floating rate is “a boon that allows external changes, external shocks to be more easily absorbed by the economy.” Attempts to artificially support the exchange rate end with periods of deep devaluation, the head of the Central Bank added.
She also stressed that the weakening of the ruble is not connected with the desire to increase budget revenues. However, the regulator will take this situation into account when making a decision on the key rate, Nabiullina specified.
According to the Moscow Exchange at 10:30 Moscow time, the dollar exceeded the mark of 93 rubles, the euro is trading at 102 rubles.
Source: Rosbalt
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