In the optimal situation reserves must be enough to cover significant outflows of capital lasting two to three years. Therefore we now consider as very comfortable a level of reserves, covering long stress situations, of up to $500 billion. This is the level that we were used to.

Elvira Nabiullina

Categorized in : Energy

The situation is such that we must consider also covering demand for reserves connected with limited access to the markets, (and) with the outflow of capital, for a longer period than is proposed by standard approaches to reserve sufficiency, therefore one of the tasks over the period ahead is to grow the reserves over the course of years.

Elvira Nabiullina

energy

It can be unequal in time and depend on the situation with the payments balance, the level of volatility of global markets, the risk to financial and price stability.

Elvira Nabiullina

energy

It is absolutely impossible to control the exchange rate ... in the current economic conditions that the Russian economy is now in, by keeping its dependency on the price of oil.

Elvira Nabiullina

business

A flexible exchange rate is important, and it shouldn't be artificially restrained because of the needs of the economy.

Elvira Nabiullina

because flexible economy important

The use of crypto-currency as a surrogate for the ruble in trading in goods and services, in our opinion, has a risk of undermining the circulation of money.

Elvira Nabiullina

risk opinion money use

We will not allow the use of crypto-currency as a surrogate money.

Elvira Nabiullina

allow will money use

Inflation in Russia is primarily related to internal factors.

Elvira Nabiullina

internal related inflation russia

My view was that government officials could not sit on the board of the central bank, and I am very happy that has been upheld.

Elvira Nabiullina

i-am view government happy

I believe that being in a position, as a central bank, to influence economic growth does not mean losing independence.

Elvira Nabiullina

independence growth losing believe

The monetary policy instruments which Russia has at its disposal are pretty well developed.

Elvira Nabiullina

well pretty policy russia

As a former economy minister, I can't not think about economic growth. The central bank should also think about this but through its own instruments.

Elvira Nabiullina

own think economic-growth growth

What pleases us is that people are realising that punishment is inevitable for those who don't respect the law.

Elvira Nabiullina

punishment respect law people

The most important thing is not to be dogmatic but flexible and consistent.

Elvira Nabiullina

the-most-important flexible important

There's a lot of pressure and criticism in a crisis, but you can't miss the wood for the trees.

Elvira Nabiullina

trees you criticism pressure

I do not feel that some things are masculine and others are feminine.

Elvira Nabiullina

others some feel things

One of the main priorities of Russia's economic policy is to create conditions and form our own financial resources for economic modernisation.

Elvira Nabiullina

own create economic priorities

There's no doubt that decisions made by the leading central banks do affect the global financial markets and, consequently, our situation.

Elvira Nabiullina

decisions situation financial doubt

I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.

Elvira Nabiullina

will understand think long

It seems to me that a market exchange rate which is not artificially controlled by central banks enables one to balance the interests of different market players - exporters and importers, investors, borrowers, lenders.

Elvira Nabiullina

players me balance different

Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.

Elvira Nabiullina

i-think think welcome policy