Yudaeva: the Central Bank does not consider it necessary to intervene in the rate fixing of the ruble

MOSCOW, February 25. The Bank of Russia does not interfere in the process of the exchange rate of the ruble on the background of instability in oil prices, believing that this will only increase the risks. This was stated in an interview with Bloomberg first Deputy Chairman of the Central Bank Ksenia Yudaeva.

“Any such attempts could have a negative impact on GDP dynamics and the dollarization of savings. The Central Bank cannot smooth out the volatility from fluctuations in oil prices”, – said Yudaeva.

However, she noted that the volatility of exchange rates is quite high and is associated with fluctuations in oil prices. “We see a gradual trend towards stabilisation of the ruble exchange rate fluctuations”, – said Yudaeva.

According to her, only “structural changes” in the Russian economy can break the link between the exchange rate and oil prices. “Some mechanisms of monetary policy is not enough”, – said Yudaeva.

The Bank of Russia in late 2014 released the ruble in “free floating” by refusing to control its exchange rate through currency interventions.