Russian Central Bank Chairwoman Elvira Nabiullina acknowledged the continued influence of the country’s key exchange rate on the formation of the ruble exchange rate. TASS reports this today, September 13.
EADaily We have already reported previously about the biggest fear of all domestic banks, according to Nabiullina.
“In fact, previously this influence was noticeable, almost instantaneous, due to the important role of cross-border capital movements and the rather large share of non-residents in the market, including in OFZs. Now this influence exists, but it is more spread out over time. Our key exchange rate decisions primarily affect demand and imports of the ruble. And in this way they can influence the ruble exchange rate through the trade balance. But this is spread out over time.” – the economist is sure.
At the same time, Elvira Nabiullina clarified, this influence spread over time.
