Nabiullina: the Central Bank of the Russian Federation is ready to enter the currency market with procurement by reducing the volatility


LIMA, October 10. The CBR is ready to enter the currency market with purchases at lower market volatility, while the regulator has no purpose at the exchange rate of the ruble for the implementation of this task. This was reported to journalists by the Chairman of the Bank of Russia Elvira Nabiullina.

“Our purchases are not associated with the strengthening or the weakening of the ruble, we still went to a floating exchange rate. But we have suspended operations to replenish reserves when the market was characterised by increased volatility. Now we will see what will happen in the market. If the volatility will be reduced, respectively, will efficiently evaluate the situation and be able to return to the replenishment of foreign exchange reserves”, – she explained.

However, she stressed that now Russia has sufficient foreign exchange reserves of $370 billion. “we Have no hurry to increase gold reserves. We will do this gradually, depending on how the situation on the market, without increasing the volatility of the market, but of course not focusing on any special exchange rate, because the rate is floating,” – said the head of the Central Bank.

The Bank of Russia has a goal for several years to increase the volume of international reserves to $500 billion.

For may-July the CBR purchased to reserves $10,12 billion.

The Central Bank sees no problems with currency liquidity of banks

The CBR sees no problems with currency liquidity of banks, Nabiullina also said.

“We don’t see any problems with currency liquidity. Now almost all the banks feel comfortable, there’s no shortage of foreign currency liquidity,” she said. “However, for banks to feel comfortable, we keep our operations currency refinancing”, – informed the head of the Central Bank.

The question was considered whether the regulator question about changing the currency of the refinancing, Moody’s has a negative answer.