The Bank of Russia believes that delays in the receipt and repayment of exporters’ foreign currency earnings prevent the ruble from strengthening in the face of rising oil prices. In this respect says In the regulator’s report on monetary conditions.
The ruble weakened again in September as the dollar strengthened against most currencies due to global risk aversion, according to the Central Bank. At the same time, the current increase in oil prices did not provide a noticeable support to the ruble due to delays in income returns. The report states that fluctuations in the Russian currency in September decreased by almost half compared to August, falling to the lowest levels of the year.
“During the reporting month, national currency exchange rate fluctuations halved from 22.5% in August to 11.1%, returning to local minimums for the year,” the report said.
The Central Bank believes that the ruble is under additional pressure due to the strengthening of the dollar against most world currencies. According to them, the main factor affecting the value of the Russian currency remains the trade balance.
Recently the Central Bank accepted Tightening monetary policy to return inflation to the target value of 4 percent.
Anton Siluanov, formerly head of the Ministry of Finance of the Russian Federation appreciated The situation with prices in Russia is “normal if you don’t buy”.