04:17 GMT30 September 2020
Listen Live
    Get short URL

    Ruble exchange rate has become less dependent on the oil prices and this trend will continue as the Russian economy diversifies, head of the Russian Central Bank Elvira Nabiullina said Friday.

    MOSCOW (Sputnik) — Earlier in December, Russian President Vladimir Putin said that Russian economy will begin growing in 2017 after less than 1-percent decrease in GDP in 2016.

    "We now see that the exchange rate has become less volatile than oil, which it used to follow almost one to one, there were periods when there was a very high elasticity. This volatility, in our opinion, will be decreasing alongside the economic diversification," Nabiullina said at a press conference.

    The Russian Central Bank has implemented a tight monetary policy with the aim of reach the 4 percent inflation mark by late 2017. In May, Central Bank Governor Elvira Nabiullina said the target was achievable and stressed that reducing interest rates prematurely could spur inflation without encouraging growth.

    Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!


    Ruble Becomes Safe Haven for Investors After Trump Election - Deutsche Bank
    US Election Outcome to Have Minimal Impact on Russia's Economy, Ruble
    What to Expect From Ruble Exchange Rate Following US Elections
    US Election Likely to Have Minimal Impact on Russian Ruble Rate
    Impact of Oil Prices on Russian Ruble Decreasing
    RZD Approves 150 Billion Ruble Bond Program
    Russian Ruble Not to Face New Devaluation - Central Bank Governor
    Ruble's Slide Has a Silver Lining: Russia Sees Explosion in Medical Tourism
    OPEC Output Freeze Deal Drives Russian Ruble to New Record High
    Dollar Falls Against Ruble After OPEC Decision on Oil Output Freeze
    Bonds in Ruble to Allow BRICS Bank to Step Up Operations in Russia
    Money, Money, Money! What Design is Going to Grace Russia’s New 2000 Ruble Note?
    oil prices, GDP, exchange rates, ruble, Russian Central Bank, Elvira Nabiullina
    Community standardsDiscussion