The Bank of Russia from mid-2015, never went on foreign exchange market in order to raise or lower the exchange rate of the ruble, said, speaking at the meeting of the Forbes Club, the head of the Central Bank Elvira Nabiullina.
The head regulator acknowledged that to live with the distrust of a floating exchange rate have long. According to her, the Central Bank all the time I suspect that in trying to drop, the intention to support the ruble, while the Central Bank does not need to manage it.
“It’s very important to get rid of the fixed ideas all the time to think about the exchange rate [of the ruble]. I understand that the exchange rate affects the real economic processes. I understand it perfectly. But you need to get used to living in conditions of a floating exchange rate”, — said Nabiullina.
“The course has deviated”: how the government comment on the strengthening of the ruble
CB head stressed that “the caution and even skepticism” refers to attempts to use the stronger currency to reduce inflation, as the effect of such measures can only be temporary. Long-term effects provide the fundamental factors, such as the propensity of population to save.
“We have no need to control the rate to reduce inflation. We interest at any rate can reduce inflation. In this sense the new policy, where the key rate plays a key role,” — said Nabiullina.
The head of the Central Bank also noted that he does not consider symbolic of the recent reduction of the key rate by a modest 0.25 percentage points (from 27 March the rate was reduced from 10 to 9.75% per annum).
“We believe that it is better to make small consistent steps than to make a big step, and then, if there are new circumstances to go back on their word, because nobody knows what will happen, for example, with oil,” — said Nabiullina.