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Russian authorities mull no new steps to stabilize ruble

January 20, 2017 | Prime

The Russian government and the central bank are not discussing any new measures to stabilize the ruble to augment a decision to limit spending of windfall energy revenues, Economic Development Minister Maxim Oreshkin told reporters on Friday.

When asked whether the authorities are discussing any additional measures, Oreshkin said, “Absolutely (not).”

The central bank will not influence the ruble rate and will announce sales of additional incomes of the budget from oil and gas sales as soon as it is ready to enter the market, which will keep operations on the market transparent, he said.

Oil price volatility undermines predictability of doing business in Russia it through the ruble, making the decision to limit spending of energy revenues of the budget very important. It grants the central bank the ability to use budget savings of the Finance Ministry, be present on the currency market and restrain unwanted volatility coming from oil prices.

“We are definitely not talking about the rejection of a floating exchange rate,” he said, adding that possible sales of windfall energy revenue by the regulator will be operations of the ministry, which has worked out a plan linked with budget performance.

In an interview to Rossiya 24 television channel, he said that operations of the central bank and the government, including the decision to reserve additional oil and gas revenues, will ensure that there will be no more plunges and hikes in the ruble rate like it happened in 2014–2015, and a long-term economic stability.

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