Putin: No Insoluble Problems with Ruble Exchange Rate, Authorities Have Necessary Tools

Russian President Vladimir Putin confirmed that there are no insoluble problems with the ruble exchange rate, pointing out that the authorities have all the necessary tools to support the national currency.

Government Will Not Take Drastic Measures

Putin said in a speech at a plenary session of the Eastern Economic Forum that the Russian government will not take drastic measures to solve problems related to the ruble exchange rate, and that the government does not see the need to raise taxes.

He added that the Central Bank of the Russian Federation promptly raised the main interest rate to support the ruble, and emphasized that there are no insurmountable problems or difficulties regarding the ruble exchange rate.

Russian Central Bank’s Measures to Support the Ruble

In the middle of last month, the Russian Central Bank decided to raise the main interest rate to 12% in order to support the Russian currency, the exchange rate of which has depreciated significantly against the US currency.

Yesterday, Assistant to the President of the Russian Federation Maxim Oreshkin said that in the coming months a surplus of hard currency will be formed, due to a number of factors, and Russia has passed the peak point of the ruble’s fall.

Ruble Rises Against Major Currencies

In today’s trading, the ruble rose against major currencies amid supportive statements from the Russian leadership, and the dollar exchange rate dropped in morning trading below 94 rubles per dollar for the first time since the beginning of September this year.

Source: RT