MinFin forex operations not intended to change ruble exchange rate, but could influence it - Nabiullina
MOSCOW. Feb 9 (Interfax) - The Russian Finance Ministry's operations to buy and sell forex are not intended to change the ruble's nominal exchange rate, although the Central Bank considers that they could influence it, Central Bank governor Elvira Nabiullina told journalists during a meeting with bankers at the Bor resort on Thursday.
"They should not be viewed as operations intended to change the ruble's nominal exchange rate. We absolutely operate on the basis that they could influence the nominal exchange rate. And we take that influence into account, just like other factors which could influence the exchange rate, such as the price of oil and a host of others, before making decisions about the country's monetary policy," she said.
Nabiullina said that the Finance Ministry's operations do not contradict the principles of a floating exchange rate and are aimed at reducing the dependency of the economy to sharp changes in external conditions.
"The operations on the forex market which the Finance Ministry will carry out, either to spend or fill the sovereign funds, do not contradict the principles of a floating exchange rate. Many countries carry out such operations. Those operations are not tied to a certain exchange rate, but are aimed at lowering the dependency of our economy and state finances from the volatility of external factors," she said.