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Bank of Russia ready to act if oil prices collapse — official

The Bank of Russia has also the instruments in its possession to work in the collapsing oil price environment but the situation may not require its interference, Chairperson of the Central Bank Elvira Nabiullina said on Monday on the air with Rossiya 24.

"An oil price drop does not necessarily entail financial stability risks… Certainly, we have all the instruments available for the adverse development case…We introduced currency refinancing in due course, which eased the problem," she said.

According to Nabiullina, the oil price decline that occurred at the turn of 2015 - early 2016 caused ruble weakening but did not result in financial stability risks.

"We did not notice large-scale conversion of ruble deposits into currency and purchases of cash currency. Therefore even the oil price drop may occur fairly calmly at large and there will be no need for us to interfere," she added.

[Source: Itar Tass, Moscow, 18Apr16]

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small logoThis document has been published on 19Apr16 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.