Russias Central Bankacknowledged on Friday that United States sanctions triggered a short-term drop in the rubles worth as it looked for to offer peace of minds that its present interventions sufficed for the currency to regain ground.United States sanctions on Gazprombank, Russias main avenue for energy sales, and 51 other Russian lenders last week sent out the ruble to a two-year low of nearly 115 to the dollar this week.What weve seen in the past week is a really brief duration, said Central Bank deputy chair Philipp Gabunia.
Certainly, the volatility brought on by sanctions can create short-term imbalances of currency materials on the market.The ruble rose to 105 to the dollar on the Forex exchange markets by Friday afternoon, the day after the Russian Central Bank announced it would stop buying foreign currency while keeping sales in the domestic foreign exchange market until the end of 2024.
In our opinion, the steps weve currently taken are sufficient [and] we see indications that the scenario is stabilizing, Gabunia told reporters throughout thebriefing.Hesaid the banks record-high interest rate of 21% decreases need for foreign currency and creates extra attractiveness of ruble assets.Thats why we do not need to take any emergency situation procedures because we do not see any dangers to monetary stability at the moment.Russias Central Bankset its main rate for Friday at 109.57 rubles to the dollar and 116.14 rubles to the euro.