The Minister of Finance of the Russian Federation is likely to carry out interventions in the foreign exchange market to stabilize the ruble

Russian Finance Minister Anton Siluanov said that the Ministry of Finance and the Ministry of Economic Development are ready to lose part of the budget funds for 2022 to stabilize the ruble.

According to the Russian minister, the government is ready to intervene in the local currency market and allocate part of the budget for 2022 in order to achieve stability in the Russian currency.

The Russian minister, in his speech at the RPP conference today, Wednesday, suggested the possibility of using part of the oil and gas revenues for intervention in the local currency market.

Siluanov added that such interventions would affect the ruble exchange rate, and concluded his speech by saying: “We will consider such decisions, but I emphasize that a final decision on this matter has not yet been made.”

Here are the most famous statements of Siluanov:

– Siluanov expects the possibility of implementing interventions in the foreign exchange market in 2022

– Siluanov: The profile government committee supported the proposal of the Central Bank of the Russian Federation on further liberalization of the (floating) exchange rate

– Siluanov: Foreign currency is harmful (for the Russian economy), so the Russian Ministry of Finance is ready to regulate the ruble against the euro and the dollar through the cross-currency rates of friendly countries.

The Russian currency is growing against the US and European currencies, and during today’s trading session, the dollar traded below the level of 51 rubles for the first time since May 2015.

Source: Prime + RIA Novosti

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