The external pressure by sanctions is currently the main factor affecting the ruble exchange rate, but the Russian Central Bank and the Russian government know how to react to the fluctuations, Russian Finance Minister Anton Siluanov said on Friday.
MOSCOW (Pakistan Point News / Sputnik - 05th October, 2018) The external pressure by sanctions is currently the main factor affecting the ruble exchange rate, but the Russian Central Bank and the Russian government know how to react to the fluctuations, Russian Finance Minister Anton Siluanov said on Friday.
"These are certainly the external factors, related to sanctions, that [exercise] the major influence on the Currency exchange rate. In 2017, and in 2018 as well, we have secured the ruble exchange rate's absolute stability regardless of external factors, related to the oil prices, as we have introduced a budget rule. But it is difficult to secure the same 100 percent exchange rate stability amid external influences related to sanctions," Siluanov said in an interview with the Rossiya 24 tv channel.
He added that the Finance Ministry and the Central Bank were pursuing quite a moderate policy at the currency market.
"In general, there is an understanding of how we should react to the emerging situation. I hope that the government's and the Central Bank's actions will promote the stability of the exchange rate," Siluanov said.
He added that the Russian national currency had a sufficient safety margin, although the volatility at the finance markets was possible in the short term due to sanctions.
