Cbank sees ruble volatility temporary, has tools to keep stability

MOSCOW, Aug 9 (PRIME) -- The ruble volatility of the last few days is only temporary, caused by the news about new potential sanctions but sales of foreign currency revenue by Russian exporters will support the rate, the central bank said in a statement on Friday.

The U.S. dollar and euro jumped by about 5% against the ruble per day on Wednesday and Thursday.

“The higher volatility of the ruble of the past few days is a natural reaction of the financial market to the news about potential sanctions on the background of changes in global financial markets. Similar volatility episodes already happened before…and were temporary. The ruble is still supported by significant sales of export revenue in foreign currencies,” the authority said.

The regulator monitors the market situation and adjusts purchases of foreign currency revenue. “The Bank of Russia has enough instruments to prevent threats to financial stability,” the authority said.

Earlier in the day, the central bank said halved daily purchases of foreign currency in favor of the Finance Ministry under the budget rule to 8.4 billion rubles from 16.7 billion rubles.

(66.2856 rubles – U.S. $1)

End