Central Bank: strong ruble objectively reflects priority needs of Russian economy

Central Bank: strong ruble objectively reflects priority needs of Russian economy

The current level of the ruble exchange rate reflects the priority needs of the Russian economy, Central Bank Deputy Governor Alexei Zabotkin said at the International Forum of the Financial University.

"The ruble exchange rate is floating, and it is determined by the condition of the balance of payments," Zabotkin said when repeating the Russian Central Bank's baseline setting for monetary policy in response to a question from the Financial University's forum moderator regarding the outlook for the exchange rate.

Zabotkin added that, "The fact that it [the ruble exchange rate] has now strengthened is what facilitates purchasing new equipment and new components, and building new logistics chains, which have become very expensive for Russian business."

"This objectively reflects what is now primarily needed for the Russian economy," the deputy governor of the Central Bank of Russia (CBR) concluded.

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