04:17 GMT30 September 2020
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    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.

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    Tags:
    oil prices, GDP, exchange rates, ruble, Russian Central Bank, Elvira Nabiullina
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