Ruble volatility is short-term, depends on geopolitics — Finance Minister

Asia's Tech News Daily

As soon as new sanctions packages arise, investors become nervous, Anton Siluanov clarified

MOSCOW, January 14. /TASS/. Fluctuations in the ruble exchange rate are short-term and are primarily related to the geopolitical situation, Finance Minister Anton Siluanov said in an interview with RBC on the sidelines of the Gaidar Forum.

He added that the consistent financial policy of Russia will help it curb volatility.

“What we see with the ruble this is of course, due to geopolitics. As soon as new sanctions packages arise, investors become nervous. This ultimately spills over into the foreign exchange market,” the minister said.

“Therefore, all these fluctuations are rather short-term. New negative information has come out – the exchange rate has weakened a little, and after some time after it returns to its levels. Of course, volatility exists. But I repeat once again that the stability and predictability of financial policy is the key to the stability of exchange rates,” he added.

On January 13, the ruble rate weakened against the dollar and the euro during the currency trading of the Moscow Exchange. The Russian currency fell after a statement by Deputy Foreign Minister Sergey Ryabkov that Russia would find alternatives in the event of new US sanctions. Before the publication of the statement, the dollar-to-ruble rate was 74.81 rubles. (+0.14%), and the euro rate was around 85.78 rubles. (+0.32%). After the publication, as of 2:45 pm Moscow time, the dollar rose by 0.4% to 75.01 rubles, the euro – up to 85.98 rubles. (+0.56%).

The Gaidar Forum is an annual international research and discussion platform focused on government, economics and business that has been held since 2010. The event is traditionally co-organized by the Russian Presidential Academy of National Economy and Public Administration, the Gaidar Institute for Economic Policy, and the Association of Innovative Regions of Russia. TASS is a general information partner of the forum.

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