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Thursday, October 27, 2016

The main problem of the ruble, Nabiullina called the strengthening of its course

Head of the Central Bank Elvira Nabiullina promised to prevent the devaluation of the ruble, the same occurred at the end of 2014. She stated at the forum VTB “Russia calling!”, noting that he is also concerned about the potential growth rate of the national currency

photo: Natalia Gubernatorova

Elvira Nabiullina

According to Nabiullina, the main problem of the ruble now is not its potential devaluation, i.e. a depreciation, and Vice versa — excessive strengthening, which urged the Central Bank.

To this end, the economist suggested that “a fiscal rule that will allow you to restrain the strengthening of the real ruble exchange rate”, as the competitiveness of domestic “diversifitsirovannoj economy” largely depends on the national currency.

However, Nabiullina said that such a diversified economy in Russia yet, it is only that the budget needs to reduce its dependence on oil rents. Recall that about that state leaders say over the past years.

While in the past months, the share of non-oil and gas budget revenues beginning to rise and exceed income from oil and gas, but this is solely due to falling hydrocarbons.

Also Nabiullina said that the Central Bank does not intend to abandon the floating exchange rate.

Recall that over the past weeks, economists and political scientists have repeatedly warned about the potential devaluation, explaining it by the need to provide social benefits.


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