The volatility of the ruble is short-term and depends on geopolitics — Minister of Finance – Business and Economy

MOSCOW, January 14. /TASS/. Fluctuations in the ruble exchange rate are short-term and are mainly 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 Russia’s consistent financial policy will help it reduce volatility.

“What we see with the ruble is of course due to geopolitics. As soon as new sanctions packages come in, investors get nervous. This eventually trickles down to the forex market,” the minister said.

“Therefore, all these fluctuations are rather short-term. New negative information has come out – the exchange rate has weakened a bit and after a while 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 stable exchange rates,” he added.

On January 13, the ruble rate weakened against the dollar and the euro during currency exchanges on the Moscow Stock Exchange. The Russian currency fell after a statement by Deputy Foreign Minister Sergei Ryabkov that Russia would find alternatives in the event of further US sanctions. Prior to the release of the statement, the dollar to ruble exchange rate was 74.81 rubles. (+0.14%) and the euro rate was around 85.78 rubles. (+0.32%). After the publication, at 2:45 p.m. 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 platform for research and discussion focused on government, economics and business that has been held since 2010. The event is traditionally co-hosted by the Russian Presidential Academy of National Economics and public administration, the Gaidar Institute of Economic Policy. , and the Association of Innovative Regions of Russia. TASS is a general information partner of the forum.

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