MOSCOW, November 7 (RIA Novosti) – The Russian Central Bank sees no need to further weaken the ruble in order to keep the balance of payments in equilibrium, the regulator said in a statement Friday.
"Taking into account the measures taken and the recent decline in the exchange rate, further weakening of the ruble is not required to keep the balance of payments in equilibrium," the Central Bank said.
The Central Bank also warned that a period of possible volatility of ruble rate may follow as the currency market adjusts itself to the changes in the exchange-rate regime.
"The process of currency market's adjustment to a new exchange-rate regime mechanism may take some time, during which the exchange rate may experience certain fluctuations," the statement said.
Russia's national currency, the ruble, has lost a quarter of its value since the beginning of 2014.
The weakening of the ruble spiked this week after the Central Bank announced on November 5 it had dramatically reduced its support for the national currency pursuing the transition to the so-called "free floating" currency exchange policy.
In mid-October, Russian President Vladimir Putin said the Central Bank would adopt a floating exchange rate starting from 2015.