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No risk of ‘eating away’ Russia’s currency and gold reserves - Central Bank governor

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01.02.2015

MOSCOW, February 1 /TASS/ -- Russia’s Central Bank sees no major risk in ‘eating away’ its international reserves, Central Bank governor Elvira Nabiullina said on Sunday.

"There is no such a risk, since we have switched to a floating rouble exchange rate. It was done not to spend too much of the currency and gold reserves to support the rouble, among other reasons," she told the Sunday Time programme on Russia’s television Channel One.

She said that the rouble would decline in any case, even if the regulators had not switched to the floating exchange rate but in this case attempts to keep it from falling would cost a larger share of reserves. "It is vitally important for the country to have a cushion of currency and gold reserves," Nabiullina said. "We have enough of that - slightly less than 400 billion U.S. dollars. There are various international standards of sufficiency of the currency and gold reserves to import volumes, to short-term debts. We are exceeding all such standards."

The Central Bank, in her words, sees no necessity to spend these reserves in 2014 and 2016, like it was done in 2014. "In this sense, the previous year was a special one. The dramatic drop in oil prices prompted us spend considerable sums," she said.

In 2014, Russia’s currency and gold reserves shrank by 124 billion U.S. dollars.

Tass

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