Foreign debt repayments not to pressure ruble -- Russian cbanker

MOSCOW, Feb 4 (PRIME) -- Foreign debt repayment of Russian companies and banks will not put the ruble under much pressure in 2015, Central Bank Chairwoman Elvira Nabiullina told reporters Wednesday.

“The peak of foreign debt maturity falls on February–March but we do not expect big pressure on the exchange rate because companies and banks have already prepared for the repayment of these debts,” Nabiullina said.

Russian companies will have to pay U.S. $17.1 billion in debt in February and $18.6 billion in March, according to the central bank.

The ruble volatility would have been high even if the central bank had floated the currency earlier, Nabiullina said. “We did not expect such a dramatic oil price decrease back in September. If we had floated the ruble then, the volatility would have been significant anyway,” she said.

The ruble floatation compensates some effects of the oil price fall for the Russian economy but should the average oil price decrease to $45 per barrel, Russia’s export revenue may slump by $160 billion, Nabiullina said. “This is quite a large sum. If we remember that the entire export of the country is about $500 billion, you can imagine what influence oil prices have on the current balance of payments and on the economy.”

Nabiullina ruled out a further significant oil price slide.

The central bank has retained its strict monetary policies despite a recently cut of the key rate to 15% from 17%, she said.

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