Kremlin acknowledged impossibility of supporting national currency

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The current volume of Russia’s foreign currency reserves does not allow the government to intervene in order to maintain the ruble exchange rate in the current situation.

As it was stated by president’s assistant Andrei Belousov, the only way of influencing the situation is the key rate.

“What is the complexity of the current situation? The first point: ruble is currently in a “floating mode”, and we do not have the reserves we used too have back in 2013 to support it,” he said.

Belousov reminded that the current volume of foreign exchange reserves (excluding gold) is just over $300 billion.

“At the same time, $120 billion out of these $300 billion are government stockpiles: the Reserve Fund, and National Welfare Fund, which are stored in the form of currency,” said Belousov.

According to him, the rest of the reserves will be enough for approximately 9 months of goods import, or for about 6 months of imports of goods and services.

“This, in fact, the lowest bracket, which is considered a natural border line in the world,” said Belousov.

Source: pravda.com.ua