The financial conditions in Russia could not be more stable. The new package of sanctions did not discourage the Russian financial authorities. On the contrary, it boosted their confidence. Thus, Bank of Russia’s governor Elvira Nabiullina is sure that the national financial system faces no risks.
“The central bank has a wide range of tools that are intended for coping with various situations in case any financial risks arise. We think that currently there are no such risks. There is no need to apply any systemic measures. Surely, we closely watch the situation, and some adjustments can be done if necessary,” Ms. Nabiullina said. So, there is nothing outstanding about the ruble’s daily plunge of 14% and the record crash on the Russian stock market. This situation is quite normal, and the Russian financial watchdog does not bother to interfere. Moreover, the Russians can hardly be surprised by the exchange rate of 64 rubles per dollar. They have seen it at 85 rubles per dollar. Thus, Ms. Nabiullina’s words are unquestionable. In her speech, the Russian central banker made it clear that if something goes wrong, the bank has all necessary tools to cope with every difficulty.
“First of all, our interest rate policy makes it possible to limit the negative impact of such events on inflation. By the way, we see low inflation as one of the elements for sustaining macroeconomic stability, particularly under the conditions of various external changes,” Elvira Nabiullina said.
