If the volatility in the market will decline, the Russian Central Bank can return to replenish reserves, said Elvira Nabiullina.
LIMA, 10 Oct. The Central Bank of Russia, taking the decision to resume purchases of currency for replenishment of international reserves (GCR), will focus on volatility in the market, targets for the ruble to resume these operations at Bank of Russia, told journalists the head of the regulator 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 decrease, then, accordingly, estimate qualitatively the situation and be able to return to replenish the gold reserves,” Nabiullina told journalists.
However, she stressed that the volume of the reserves is currently sufficient. “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 and, naturally, not focusing on any special exchange rate, because the rate is floating” — she said.