Current account, company resources sufficient to service foreign debt - Nabiullina
MOSCOW. Sept 18 (Interfax) - The state of the current account balance and the accumulated forex resources at Russian companies are sufficient to service external debt, Central Bank Governor Elvira Nabiullina said on Rossiya 24 television.
"We have a fairly strong current account. The current account is providing revenue. In addition, the enterprises and banks, understanding this entire situation, are also insured, they have accumulated forex assets. These two sources are more than adequate to finance debt repayment," she said.
In addition, the Central Bank has the instrument of forex refinancing to provide additional insurance for the market, Nabiullina said. The limit on these operations is now $50 billion and the Central Bank can increase it if needed, but only "about $36 billion has been drawn" on this limit at the moment, she said.
Nabiullina also recalled that actual payments on the foreign debt, according to Central Bank estimates, could total about $35 billion in September-December.
