The Bank of Russia after several years of rhetoric about the excessive strengthening of the ruble began to develop and write a memo to officials with recommendations on how to conduct verbal interventions in relation to tradable assets, including currency, announced Monday Agency Reuters citing two sources close to the Central Bank.
“Every officer needs to understand the extent of its liability to market pricing and use certain phrases that will allow market participants to understand more clearly what was going on. It is not only what you say, and as they say,” said one high-ranking interlocutors of the Agency.
The head of the Bank of Russia Elvira Nabiullina, with the support of President Vladimir Putin, to successfully reflect the attacks of the supporters of large-scale monetary emission, the end of which the interested parties are large corporations, Reuters reports, after talking with a dozen sources, including close to the head of the Central Bank and the opponents of its policy.
In mid-July, Vladimir Putin at a meeting with Prime Minister Dmitry Medvedev drew attention to the risks associated with the growth of the ruble, and invited the Prime Minister to consider further measures in this regard. Shortly about “perioralny” ruble said the presidential aide Andrei Belousov. He stressed that the Central Bank and the government has tools to influence the situation.
The Bank of Russia then said that is not going to have an impact on the ruble and abandon a floating exchange rate.
After that, President Vladimir Putin said that a statement about the risks of excessive strengthening of the ruble was not an attempt to influence the Central Bank. The floating exchange rate in the long run continues, he said in an interview with Bloomberg.