Central Bank chief Elvira Nabiullina said that the ruble's current weakening is explained in large part by foreign trade, but attempts to correct its exchange rate carry devaluation risks.
She believes that a floating exchange rate is a blessing for the Russain economy.
"The floating exchange rate changes under the influence of foreign trade. But a floating exchange rate, in our view, is a blessing that allows the economy to more easily absorb these external changes, shocks," Nabiullina said.
She noted that attempts to artificially support this exchange rate, and we know this from our history, end with periods of deep devaluation.
According to the Central Bank chief, right now the dynamic of the exchange rate carries pro-inflationary risks and the regulator will factor this in when making decisions on the key rate.