The Central Bank of Russia does not consider it necessary to intervene in the rate fixing of the ruble against the backdrop of the process of crude oil price volatility, believing that this will only increase the risks, the First Deputy Chairwoman of the Central Bank, Ksenia Yudayeva, said in an interview with Bloomberg.
"The intervention may have a negative effect on economic growth and dollarization of savings," she pointed out. "The Central Bank cannot completely smooth out the volatility of oil price fluctuations," Yudayeva noted.
"There is a gradual trend towards stabilization of the ruble exchange rate fluctuations," she added.
According to Yudayeva, only "structural changes" in the Russian economy are able to break the link between oil prices and the ruble exchange rate. "The monetary policy mechanisms are not enough here," TASS cited the First Deputy Chairwoman of the Central Bank as saying.
