The Central Bank of Russia continues to uphold a flexible ruble with a floating exchange rate, and it signals that intervention in the foreign exchange market will occur only if financial stability faces a real threat. This stance was outlined by Elvira Nabiullina, the bank’s chair, in a report carried by TASS. The message emphasizes that the monetary authority trusts market mechanisms to absorb shocks while keeping a ready option to step in when there is clear risk to macrofinancial stability.
In her remarks to the State Duma, Nabiullina reiterated that the floating exchange rate serves as a reliable stabilizer for the national economy. Intervention remains a selective tool, reserved for episodes where external or internal developments might undermine financial balance. The central bank notes that last spring demonstrated the necessity of such actions and underscores that calm, rules-based responses help preserve confidence in the ruble and in Russia’s overall financial system during volatile times.
Alongside this framework, the bank also indicated there is no current rationale to implement sizeable changes to existing currency restrictions. The stance reflects a cautious approach aimed at avoiding unnecessary disruption while preserving the flexibility needed to respond to evolving conditions in domestic markets and abroad. This prudence aligns with an overarching objective: to maintain orderly conditions for payments, trade, and capital flows as the global economy continues to adapt to newer shocks and shifts in monetary policy directions outside of Russia.
Additionally, Nabiullina touched on the expansion of the digital ruble program. She explained that within about a month, Russians will be able to replenish their digital ruble wallets up to a limit of 300 thousand rubles. Transfers within this digital channel are expected to be free, with the monthly transfer ceiling set three times higher than the limit in the existing Fast Payment System, which currently allows up to 100 thousand rubles per month without fees. The development signals the central bank’s interest in broader digital money adoption and streamlined domestic payments, while maintaining careful controls to manage financial stability and user protections. This move is likely to interest observers in Canada and the United States who track how large economies pilot digital currencies and the potential implications for cross-border payments, monetary policy transmission, and consumer access to modern payment rails.